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About the Career Transition Program (CTP)
Leading Michigan credit unions have committed more than $40 million in below market, unsecured educational loans to credit union members primarily affected by Michigan’s unprecedented job losses in the manufacturing sector. DFCU Financial, Michigan’s largest credit union, is the originator of the Career Transition Program’s (CTP) and the anchor financial institution with a financial commitment of $10 million for eligible members. The Michigan Department of Labor and Economic Growth (DLEG) has earmarked an additional $1.5 million to assist CTP students with the cost of textbooks and $200,000 for career counseling and placement.
Program Guidelines
- The maximum loan per member is $10,000.
- Interest will be forgiven during 24-month deferment period.
- The loan will have a maximum amortization of 10 years to begin after 24-month deferment period.
- All assistance disbursements will be made within 24 months of program start date.
- First payment requires class schedule and tuition bill.
- Checks will be made payable to student and school.
- The average CTP student will save as much as $1,359 in interest over a Stafford loan.
About Credit Unions
Credit unions are not-for-profit financial institutions owned and controlled by the people who use their services. These people are called members. Like banks, credit unions provide retail financial products and services to consumers, including loans, deposit and checking accounts. But unlike banks—which are in the business to make a profit for shareholders—credit unions exist solely to serve their members.
Here in Michigan there are 385 credit unions and some 4.4 million members. Statewide assets are $31 billion.
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Click here to view Michigan and U.S. Credit Union Statistics and Frequently Asked Frequently Asked Questions about Credit Unions.
