The Career Transition Program (CTP) was developed by the Michigan Credit Union League, in partnership with credit unions across the state and the Michigan Department of Labor and 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 in text book reimbursements and $200,000 for career counseling and placements services to credit union members primarily affected by job losses in the manufacturing sector. CTP is a REAL Solution for credit union members looking to transition to a cutting edge career in the new economy.
Career Transition Program will provide educational assistance for participating credit union members who may require new or advanced training in a vocation or trade due to their unique situation in the job market.
Credit union members may attend any qualified vocational or trade school or any accredited college or university of their choosing. Members of participating credit unions recently displaced or in the process of being displaced from the workforce are eligible. They must have worked full-time for at least 2 years and be members in good standing of the credit union.
Career Transition Assistance will provide up to $10,000 for tuition over a 24 month period of time. To get the first payment members will need to provide the credit union with a copy of their class schedule and tuition bill for the school. A check will then be issued to the member and the school.
During the first 2 years no payments or interest will be assessed; at the end of the 24 months, loan and interest payments will start. The interest rate will be determined at the time of the application and set at .5% below the current Stafford Student Loan rate.
Grants of up to $500 per semester will be available to students from their local Michigan Works! Service Centers. Students will need to bring a copy of their loan agreement, picture ID, class schedule and receipt of books purchased. A check will be issued to them for the amount of the book purchases.
In addition, career guidance, counseling and placement services will be provided to Career Transition Program participants by Michigan Community Colleges across the State.
Click here for the Career Transition Program Web site