Be Alert and Informed When Considering Student Loans

Be Alert and Informed When Considering Student Loans

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FOR IMMEDIATE RELEASE
August 16, 2023

Contact: Ron Leix, Treasury, 517-335-2167

Be Alert and Informed When Considering Student Loans

College Students Can Become Their Own Financial Advocate to Manage and Leverage Financial Aid

LANSING, Mich. – As Michiganders prepare for the upcoming fall semester and pay their college tuition bills, the Michigan Department of Treasury’s MI Student Aid Team is asking students and their families to be alert and informed when considering student loans.

“Michigan students and families cover a considerable amount of their higher education costs,” State Treasurer Rachael Eubanks said. “Student borrowers who become their own financial advocate can better understand how to manage and leverage the financial aid they receive. Please carefully consider only accepting those loans that are needed. The choices made by students today could have ramifications later in life.”

To make the best decision regarding student loans, the MI Student Aid Team recommends seven best practices when considering student loans:

  1. Complete the Free Application for Federal Student Aid (FAFSA). Colleges use information from the FAFSA to determine their financial aid awards. By completing and submitting the FAFSA, students maximize all their state, federal and institutional financial aid options. In addition, the FAFSA opens the possibility of receiving a Michigan Achievement Scholarship award.
  2. Understand loans must be repaid. Not all financial aid included in a financial aid award letter is free money. Many financial aid awards will include federal student loans. Unlike grants and scholarships, loans must be repaid with interest.
  3. Check the amount of interest being offered on a loan before accepting it. Federal student loans, Parent Loan for Undergraduate Students (PLUS) loans, and private loans have varying interest rates and repayment terms. Before taking out loans, students should identify and compare each loan’s interest rate and then accept the loans with the best interest rates and repayment terms.
  4. Only accept the amount you will need. Students can either turn down a loan or request a smaller loan amount, and the financial award letter should include instructions on how to do this.
  5. Be aware of loan scams. In a typical student loan scam, a scammer will ask for banking information from a student searching for loans. The scammer typically claims they will use the information to make a direct deposit into the student’s account in return for upfront fees paid through gift cards. Instead, the scammer accesses the student’s banking account and withdraws funds.
  6. Visit the school’s financial aid office once a semester. Even though students may not have to begin repaying their loans while they are in school, students should not wait to understand their responsibilities. Students should keep track of the types of aid they receive and review their accounts with the college or university to stay within budget and avoid overborrowing.
  7. Create a studentaid.gov account. The studentaid.gov website, managed by the U.S. Department of Education, is a one-stop shop for managing federal student aid. With a studentaid.gov account, students can track their federal student loans, check the interest rate of each one and total interest accumulated to date. Students can also look over different repayment options, estimate monthly payments and learn who their loan servicer is for when repayment begins.

Individuals nationwide have nearly $1.6 trillion in outstanding student loan debt, according to the Federal Reserve Bank of New York.

For more information, go to michigan.gov/mistudentaid or contact MI Student Aid at [email protected], 888-447-2687 or on Facebook, Twitter and Instagram.

Whitmer Announces New ‘Make it in Michigan’ Investment

Whitmer Announces New ‘Make it in Michigan’ Investment

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FOR IMMEDIATE RELEASE

August 16, 2023

Contact: [email protected]

 

Gov. Whitmer Announces New ‘Make it in Michigan’ Investment to Build Affordable Housing and Support Businesses in Detroit, Holland, and Hudsonville

 

LANSING, Mich. – Today, Governor Gretchen Whitmer joined the Michigan Economic Development Corporation (MEDC) today to announce three community revitalization projects that will bring economic growth, housing, and increased vibrancy to Hudsonville, Holland, and Detroit have received support from the Michigan Strategic Fund. The projects are expected to generate a total capital investment of nearly $17 million.

 

“Today’s projects are helping to reinforce our neighborhoods as attractive places to live, work and play by transforming underutilized properties into productive spaces,” said Governor Whitmer. “Let’s keep investing in people and revitalizing places so everyone, in any community, can ‘make it’ in Michigan. Together, we will continue sending a clear message that Michigan is open for business and building on our momentum.”

 

New Mixed-Use Building in Hudsonville, Bringing Housing and Creating 40 Jobs

 

 MEDC

 

3424 Chicago Drive, LLC plans to demolish an existing building and construct Hudson Center II, a new three-story mixed-use development in downtown Hudsonville. When completed, the project will include four to five commercial spaces and 22 market-rate residential units. The project is another step forward in the city’s vision of creating a mixed-use town square and community gathering space. Hudson Center II will complete the first block of new downtown development and be a gateway parcel to the new downtown center with frontage across the community green.

 

The project is expected to generate a total capital investment of $7.1 million and create 40 full-time equivalent jobs with the support of a $950,000 Michigan Community Revitalization Program performance-based grant. In addition to bringing new housing, density, and redevelopment to the area, the project is expected to drive additional foot traffic and serve as a catalyst for additional investment in the city.

 

The city of Hudsonville is providing a 10-year property tax abatement valued at $750,000 and will support an additional tax abatement valued at $200,000 following the expiration of the initial abatement. The project has also received a grant award from the Ottawa County Brownfield Authority in the amount of $11,800. The city of Hudsonville is certified with MEDC’s Redevelopment Ready Communities program.

 

“We would like to thank the MEDC, especially our team that included Mackenzie Miller, Tori LaDuke and Bryan Robbins as they guided and assisted us in getting our MCRP approved,” said Scott Geerlingsdeveloper of 3424 Chicago Drive. “This is the second project for us in helping the city of Hudsonville create a downtown area. We truly appreciate the MEDC. Without their assistance, this project would not be economically feasible.”

 

Mixed-Use Development will Fill Vacant Lot Near Downtown Holland

 

MEDC

 

Downtown ID, LLC plans to construct a 6,000 square foot building on a vacant lot at 317 Central Avenue in downtown Holland, approximately five blocks from the main commercial corridor. When completed, the development will include commercial space on the first floor and approximately five one-bedroom apartments on the second floor.

 

The project is expected to generate a total capital investment of $1.5 million with the support of a $250,000 Build MI Community grant. The project will transform an underutilized property into a vibrant area, adding density and walkability to the community. The city of Holland is supporting the project with a 10-year Neighborhood Enterprise Zone tax abatement valued at $84,280. The city of Holland is certified with MEDC’s Redevelopment Ready Communities program.

 

“The city of Holland is very pleased that the zoning reforms we undertook to allow again these types of small mixed-use infill developments are paying off,” said city of Holland Director of Community and Neighborhood Services Mark VanderPloeg. “We are even more pleased, though, that entrepreneurial developers like Drew Durham see developments of this nature not only as a great investment and business opportunity for additional housing and retailing but also as a way to stitch an awesome, more traditionally designed building into the urban fabric of our near Downtown neighborhoods.”

 

Approved by the Michigan Strategic Fund in March 2022, the Build MI Communities Initiative provides grants to emerging developers for small-scale development in the state of Michigan. The applicants are intended to be individuals or entities with limited commercial and mixed-use development or redevelopment experience, who are engaged in development projects with a total development cost of $2.5 million or less.

 

“We are excited to start this infill development project,” said Drew Durham of Downtown ID, LLC. “It will transform a current vacant lot and bring additional commercial and residential spaces to the downtown neighborhood.”

 

New Community Center Coming to Woodbridge District in Detroit Creating 25 Jobs

 

MEDC Detroit

 

The Danish Brotherhood Hall Redevelopment Project will renovate the existing, historic former Danish Brotherhood fraternal hall and adjacent lot in the Woodbridge Historic District of Detroit. When completed, the project will consist of a multi-use community event space with commercial space.

The project is expected to generate a total capital investment of $8.2 million and create 25 full-time equivalent jobs. Renovation of the building will increase foot traffic, density and safety in the neighborhood and serve as a catalyst for future development and investment in the area.

 

The City of Detroit Brownfield Redevelopment Authority has received Michigan Strategic Fund approval of $383,158 in state tax capture for the reimbursement of brownfield activities at the site. The city of Detroit is supporting the project with the local portion of the brownfield plan with an anticipated value of $685,922. The city of Detroit is engaged with MEDC’s Redevelopment Ready Communities program.

 

“The renovation of the Danish Brotherhood Hall Redevelopment Project and other historic sites will continue to promote investment and economic growth in our communities,” said state Senator Stephanie Chang (D-Detroit). “I hope that this investment will deliver the needs and desires of the Woodbridge neighborhood and residents who will use this space. I’m excited about the new community center and the role it will continue to play for Detroiters.”

 

“This project will continue to make Detroit a more inviting space while advancing economic investment and creating full-time jobs,” said state Representative Tyrone Carter (D-Detroit). “It is so important to preserve and revitalize these collective spaces that have such a deep history in the community. Spaces like this mean a lot to residents and by investing in the space, we further invest in our community.”

 

“These placemaking investments reflect our continued focus on regional impact and supporting vibrant community spaces that lay the foundation for long-term economic wins and greater opportunity for all Michiganders,” said MEDC Sr. Vice President of Regional Prosperity Matt McCauley. “We are grateful to the Governor and legislators for their continued support of our programs. By working with local partners to focus on traditional downtowns and increase much-needed housing options, Team Michigan is building on our strong sense of place while supporting vibrant, unique places where current Michiganders and those we will attract can live, work, visit, and play.”

Focusing on Agriculture in August

Focusing on Agriculture in August

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Hi there,

This August, I’ve really focused on Michigan agriculture and ways to support our farmers. A big reason is because this fall Congress will consider the Farm Bill, which is legislation passed every five years that sets national agriculture policy.

As the only Michigander on the House Agriculture Committee, it’s important that I hear from Michigan farmers about how we can make the 2023 Farm Bill work for them. And by introducing agriculture bills now, we can set them up to be included in the larger package of legislation.

There’s much to report on that front, so I wanted to give you an update:

At the beginning of the month, I introduced the bipartisan FARMLAND Act, which would ensure that purchases of American farmland by foreign countries are more closely scrutinized. Food security is national security, which means we cannot allow strategic competitors like China to gain control of the land that feeds us.

Next, I introduced the bipartisan Specialty Crop Security Act, which was endorsed by 11 Michigan agriculture organizations from all across the state. The bill would increase federal assistance to farmers that grow specialty crops – a class of crop that includes fruits and vegetables, and is critical to our state’s economy. That’s why it earned enthusiastic support from organizations like the Michigan Agri-Business Association and Michigan Farm Bureau.

And soon after, I traveled to Grand Rapids, where I joined Michigan Director of Agriculture and Rural Development Director Tim Boring and agriculture leaders for a roundtable on strengthening crop resiliency and Michigan’s priorities for the upcoming Farm Bill. It was invaluable to hear directly from the farmers and leaders who put food on our tables, and I plan to participate in more conversations like this around the state ahead of negotiations.

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Finally, following up those discussions on crop resiliency, I introduced this week the Specialty Crop Research Act, which would support research into how we can better protect crops from things like weather and pests.

When we invest in agriculture, make crops more resilient, and increase yields, everybody wins – from farmers to consumers.

– Rep. Elissa Slotkin

nvestment to Address Early Learning Workforce Shortage

nvestment to Address Early Learning Workforce Shortage

Governor Whitmer Header

FOR IMMEDIATE RELEASE

August 16, 2023

Contact: [email protected]

 

Gov. Whitmer Announces Investment to Address Early Learning Workforce Shortage and Expand Access to Child Care for Working Families

$2 million investment is part of Caring for Mi Future, a statewide effort to open 1,000 new and expanding child care businesses by the end of 2024

 

LANSING, Mich. — Today, Governor Gretchen Whitmer announced 12 recipients of Early Care and Education (ECE) Registered Apprenticeships from the Early Childhood Investment Corporation’s (ECIC) Child Care Innovation Fund. All 12 recipients will help finance, provide educational support, and increase compensation for Michiganders who want to become early childhood educators in 65 counties across Michigan.

 

“Access to quality, affordable early learning opportunities sets kids up for long-term success,” said Governor Whitmer. “Today’s investment in apprenticeships will create more paths for Michiganders to become skilled, qualified early education professionals and help us meet our statewide goal of opening or expanding 1,000 child care programs by the end of 2024. We are already well on track, with nearly 800 programs opened, and with today’s investment we will continue taking action to help aspiring education professionals and our kids ‘make it’ in Michigan.”

 

The investment for ECE Registered Apprenticeship grantees is part of the $12.9 million in federal American Rescue Plan Act funding awarded by the Michigan Department of Education (MDE) as part of the Caring for MI Future initiative, a $100 million investment to open 1,000 new, or expanded, child care programs by the end of 2024.

 

The recipients of the ECE Registered Apprenticeships are as follows:

  • Capital Area Michigan Works! – $120,000
  • Child Care Network – $230,000
  • Great Lakes Bay Michigan Works! – $120,000
  • GST Michigan Works! – $229,000
  • Macomb St. Clair Michigan Works! – $120,000
  • Michigan Works! Region 7B – $230,000
  • Michigan Works! Northwest Consortium – $120,000
  • Michigan Works! West Central – $230,000
  • Networks Northeast – $230,000
  • Oakland County Michigan Works! – $120,000
  • West Michigan Works! – $120,000
  • Upper Peninsula Michigan Works! – $230,000

 

“We recognize the vital role that highly skilled child care providers play in supporting working families across the state, “said Michigan Works! Association CEO, Ryan Hundt. “This dynamic partnership between the Early Childhood Investment Corporation and Michigan Works! underscores our commitment to fostering high quality child care and driving economic growth hand-in-hand.”

 

“Child care programs across Michigan have had to close classrooms and place families on waitlists due to the workforce shortage of early educators,” said Dawne Bell, CEO of the Early Childhood Investment Corporation. “Apprenticeships are a key workforce solution for many industries, and now, thanks to this partnership with the MI Dept. of Education, the MI Dept. of Labor and Economic Opportunity, and MI Works!, apprenticeships will help build a new workforce pipeline to educate Michigan’s youngest learners.”

 

Michigan’s early childhood educators are facing several barriers to becoming highly skilled, making it difficult for child care employers to recruit and retain staff, contributing to a cycle of workforce shortages in the early childhood field, essential to Michigan’s economy. The formula is simple; without sufficient child care available, Michigan’s families simply cannot get to work. ECIC and MI Works! have partnered to launch and expand 12 Registered ECE Apprenticeships throughout Michigan. This partnership highlights the needs for sustainable funding for credentialing/degrees and to raise the wages for those newly acquired skills to incentivize more educators to become highly skilled. Recipients of the ECE Registered Apprenticeship investment will lift the burden off child care employers by assessing the needs and resources of the business, designing a program, and working with the employer to identify employees for additional support and training.

 

Early Childhood Investment Corporation (ECIC)

Created in 2005 to serve as a statewide leader in early childhood, ECIC collaborates to increase public and private investment in the earliest years, elevate issues affecting young children and their families, and continuously improve Michigan’s comprehensive early childhood system. Our aim is to create a future where all young children in Michigan and their families thrive. To learn more about ECIC and the Child Care Innovation Fund, please visit ecic4kids.org.

 

About Caring for MI Future: 

Caring for MI Future is a statewide effort to help child care entrepreneurs open new or expand existing child care programs. In May 2022, Governor Whitmer and Lieutenant Governor Gilchrist set a bold goal to open 1,000 new child care providers by the end of 2024. At the same time, they announced Caring for MI Future—statewide effort to help child care entrepreneurs open new or expand existing child care programs.

 

With the Michigan Departments of Education and Licensing and Regulatory Affairs, the state invested $100M million in federal Child Care Development Block Grant funds, managed and overseen by the Michigan Department of Education, to improve access to affordable child care options and create sustainable systems to support the current and next generation of child care business owners.

 

Through Caring for MI Future, entrepreneurs have access to resources to launch and expand their businesses. Entrepreneurs can learn more at Michigan.gov/caringformifuture and contact an Our Strong Start Navigator to learn which resources are the right fit for their goals. To date, providers in nearly every county of the state have participated in Caring for MI Future, including:

 

  • Our Strong Start (OSS): LARA’s team of navigators continue to support entrepreneurs as they establish or expand their business. LARA’s team has helped all 796 new facilities and 1,927 expanded facilities with a variety of assistance including developing business plans, accessing grant funding, and navigating the licensing process. Our Strong Start has received 11,432 unique visitors to our website and have worked with 2,944 child care entrepreneurs.
  • Facility improvement grants: The state has awarded $21.4 million towards 1,719 facility improvement grants in 67 counties. An additional, 1,780 applications are submitted and being reviewed. These funds are available to help entrepreneurs renovate facilities.
  • Startup funding: The state is supporting entrepreneurs before and after receiving their child care license, including:
  • 1,301 pre-licensure grants
  • 285 start-up grants (available after receiving their license)
  • Business development tools: Since May 2022, over 2,500 child care entrepreneurs have participated in professional development to strengthen their business plan and set their program up for success, including 1:1 consultations, trainings, webinars, workshops, and communities of practice.
  • Support recruiting and developing staff: Forty-two counties are engaging in workforce efforts to recruit, train, and retain talented early educators to live and work in their communities with grant funding from Caring for MI Future.
Perfect Time to Buy Tomorrow’s College Tuition at Today’s Prices

Perfect Time to Buy Tomorrow’s College Tuition at Today’s Prices

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FOR IMMEDIATE RELEASE
August 15, 2023

Contact: Ron Leix, Treasury, 517-335-2167

Michigan Education Trust Pitches ‘Back to the Future’ Message as Students Prepare to Return to School

It’s the Perfect Time to Buy Tomorrow’s
College Tuition at Today’s Prices

LANSING — As parents begin to fill back-to-school shopping lists, Michigan Education Trust (MET) is encouraging them to consider buying college tuition at today’s prices to prepare for their children’s future education.

“Back-to-school season is the perfect time to think back to the future when it comes to educational planning,” said Diane Brewer, executive director of MET, the prepaid education savings program administered by the Michigan Department of Treasury. “We’re asking parents to look beyond pencils and notebooks needed now and look to the future by purchasing tomorrow’s college credits at today’s prices through MET.”

MET, the nation’s first 529 prepaid education plan, has helped tens of thousands of families since 1988 with an affordable way to save for their education by prepurchasing tomorrow’s tuition at today’s rates. Signed into law in December 1986, it was the first prepaid education program in the nation. More than 96% of high school graduates participating in MET have attended a college, university or technical school.

MET alumna Lisa Ingall of Ann Arbor understands firsthand the value of MET and the life-changing impact it has on working families.

“Thanks to my mom’s foresight, I was a member of the original MET class,” said Ingall, a 1998 University of Michigan engineering graduate. “My mom was divorced and didn’t have a lot of extra money, but she valued education. She wasn’t going to let money stand in the way of her daughter going to college.”

Her mother’s investment has made a generational difference for Ingall and her sister, Casey Parrotte, and it will for Ingall’s 12-year-old son, Devin Saha, and Parrotte’s two daughters, ages 3 and 5.

“My mother knew that while you can’t predict the future, you can prepare for it,” Ingall said. “As a mom now myself, I can attest to the fact that there is no better cornerstone than MET for building the foundation for your child’s educational future.”

Among the many motivations for opening a MET account, Brewer pointed to the increasing number of young adults facing significant debt after completing their college education. By getting an early start in offsetting the often-overwhelming financial burden associated with higher education, MET enables more people to attend college or pursue other post-secondary education and join the workforce without being saddled with massive debt.

Brewer noted that anyone can contribute to a child’s education savings plan, including grandparents, aunts, uncles, friends and others. With a Pay-As-You-Go plan, once the plan is opened, contributions can be as low as $25.

“The beauty of MET lies in its flexibility,” Brewer said. “There is a MET plan for everyone and everyone should consider opening a MET plan as part of their savings portfolio..”

The 529 plan also has tax advantages. For instance, distributions from MET are not taxed by the state or federal government when it comes time to pay for qualified higher education expenses. Michigan residents who are MET contract holders can also claim a state tax deduction on the total contributions they make during a calendar year.

Contributions to an existing account can be made at any time during the year through MET’s secure online pay site. The MET gift declarations also allow contributors to print out certificates of their contributions designed for holidays, birthdays, graduations and more that can be put in a card or gift wrapped.

More information about MET can be found at SETwithMET.com or by calling 800-MET-4-KID.

Increased Funding for Parents Fostering Children

Increased Funding for Parents Fostering Children

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FOR IMMEDIATE RELEASE 

August 15, 2023

Contact: [email protected]

 

Gov. Whitmer Announces Increased Funding for Parents Fostering Children 

New funding supports administration’s commitment to helping families at each stage of their life

 

LANSING, Mich. – Today, Governor Gretchen Whitmer announced the new state budget will help the Michigan Department of Health and Human Services (MDHHS) improve and increase support for foster parents.

 

“The bipartisan budget I signed a few weeks ago will put more money in the pockets of foster parents so they can pay the bills and put food on the table while caring for their foster kids,” said Governor Whitmer. “Foster families work hard to care for their children and we must have their backs. The budget boosts the resources they receive so we can keep children safe and healthy.”

 

The funding is part of MDHHS’ overall effort to address the shortage of foster parents in Michigan and provide additional support for foster youth with higher behavioral health needs.

 

“Right now, about two-thirds of foster parents quit fostering within one to two years, a fact that places new stress on a system that already badly needs more loving, caring foster parents,” said MDHHS Director Elizabeth Hertel. “Through providing more money to foster parents while also giving them a break, we continue to do everything in our power to make Michigan the safest place in America to raise kids and nurture families.”

 

Respite care services can vary depending on the unique needs of the foster parent and child and are used to provide short-term relief to primary caregivers of children while they are cared for by respite care families. Instead of foster parents needing to use their daily board and care rate per diem to go toward the cost of respite care, this new program will have an annual budget allocation of $10 million annually to go directly to respite care providers and gives foster families additional support.

 

“Unfortunately, money and time are, too often, the biggest barriers to loving and caring families welcoming children into their homes. This funding increase and respite care program address both of those issues,” said Lara Bouse, executive director of Fostering Forward Michigan, a coalition that represents foster, kinship and adoptive parents in Michigan. “Foster parents are heroic, and right now, we simply don’t have enough people willing to change lives with this commitment. We are so grateful to the state legislature and governor for supporting the MDHHS’s goals of keeping kids safe and keeping families together.”

 

Foster parent Sarah Bacheller of Livingston County said the additional financial support will help her make sure the boys in her care can have the same experiences as other children – whether it’s trips to Detroit, West Michigan or up north, or buying school pictures or yearbooks.

 

“Any increase helps go toward providing a similar level of normalcy that their peers get on a normal basis,” said Bacheller, who has fostered more than 30 boys. “You don’t do it for the money. You do it to help these kids out. But any increase helps take the financial burden of all the extras – beyond food and clothing – off of the foster parents. I think if the burden is reduced and eliminated, you might get more people willing to get licensed and open their homes for these amazing kids.”

 

As one of the most requested forms of support from foster families, the department will focus on contracting and building agencies that recruit and fill the need for respite care providers across the state, offering a half-day rate for providing care for 12 hours or less and a full-day rate with an overnight option.

 

  • As part of the department’s work to address the shortage of foster parents by decreasing stress and increasing support, the budget allocation for daily payments to foster parents was raised for the second consecutive year, this time by 8% bringing the rate for caregivers of youth up to age 12, approximately $670.00 a month, for youth age 13 and older, $800.00 a month and for youth living independently (age 18 or older who still receive foster care assistance), $825.00 a month. This expanded allocation is in addition to the 20% increase in rates paid to foster parents, independent living providers, relatives, and adoptive parents and guardians in 2022.

 

Marquette County Probate Court Judge Cheryl L. Hill played a critical role in advocating for MDHHS’ request for additional funding to keep Michigan competitive with other states’ budget allocations.

 

“The additional funds in the fiscal year 2024 budget along with increases approved last year help our foster families continue to provide loving homes to our most vulnerable and precious resource – the children of Michigan,” Judge Hill said. “We still have a critical need for loving foster homes in Michigan. Being a foster parent is rewarding, but it is hard work. Any support we can provide to these special families who give so much of themselves should be encouraged. The money allocated in the budget is truly an investment in the future success of the children of the State of Michigan.”

 

Both process and policy updates are a part of MDHHS’ larger actions to keep kids safe and promote foster parent recruitment and retention. To view the latest on how the department is supporting foster families, visit the MDHHS foster care website or call 855-MICHKIDS to learn more.