Financing options

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Career Transition Program

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.

Please check http://www.ctpforcumembers.org/About_the_Program_226.htm for additional information

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.

Please check http://www.irs.gov/publications/p970/ch03.html for additional information

TARFF Loans

The Tuition Assistance for Rural and Farm Families (TARFF) is a low interest student loan program designed to supplement any existing loan or grant program, including Stafford loans and Federal Direct Loans. It is also available to part-time students who do not qualify for traditional student loans and/or grants.

Please check http://www.mrrccollegeloans.com for more information.