Career Transition Program Site: About the Program

About the Program

What is the Career Transition Program (CTP)?

Federal Lifetime Learning Federal Tax Credit

You may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all students enrolled in eligible educational institutions.

It is available for all years of post secondary education and for courses to acquire or improve job skills.
Available for an unlimited number of years.
Student does not need to be pursuing a degree or other recognized education credential.
Available for one or more courses.
Felony drug conviction rule does not apply.

More information on the Lifetime Learning Credit

The CTP was developed by the Michigan Credit Union Industry, in partnership with the Michigan Department of Labor & Economic Growth, to help credit union members obtain advanced training for a new vocation, trade or occupation. CTP will provide some $40 million in below market, unsecured educational loans, $1.5 million for textbook reimbursements, and $200,000 for career counseling and placement services to credit union members primarily affected by job losses in the manufacturing sector. Here is how the program works:

Eligible Schools:

Assistance Eligibility:

Members of participating credit unions recently displaced or in the process of being displaced from the workforce
Members should have at least 2 years of prior full-time work experience
Credit union member in “good standing"

Program Guidelines:

Maximum assistance per member of $10,000.
All assistance disbursements must be made within 24 months of program start date.
First disbursement requires class schedule and tuition bill from eligible school.
Checks will be made payable to the school and the member.

Loan Type:

Fixed-rate loan for a maximum of 10 years.
No payments or interest for 24 months.
Interest rate set at .50% below the standard Stafford loan rate.

Textbook Reimbursement:

Reimbursement, up to $500 per semester, for the cost of books required for financed programs of training.
Applications are available at local Michigan Works! Service Centers. Call 1800-285-WORKS to find a center near you.
Applications must be accompanied by copy of loan agreement, picture identification, class schedule, and receipt for books purchased.
Separate applications will be made for each semester of training covered by the loan.

Career Counseling:

Career guidance, counseling, and placement services, provided by Michigan’s community colleges are available to CTP participants. Contact the Community College in your area for details.

More information

CTP in the Press

Loans aid displaced workers (Lansing State Journal)
Low-interest loans available for job retraining (Battle Creek Enquirer)
$40M in loans will pay for retraining (Kalamazoo Gazette)

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