Michigan's Governor Jennifer Granholm along with DFCU Financial, Michigan's largest credit union, announced Friday the availability of $40 million in below market, unsecured educational loans to credit union members who have been affected by Michigan's manufacturing job losses, including Ford Motor Company's recent restructuring movement.
DFCU Financial, the developer of the Career Transition Program (CTP), is providing $10 million for eligible members. The Michigan Department of Labor and Economic Growth (DLEG) will add an additional $1.5 million to assist CTP students for textbook costs and $200,000 for career counseling and placement services.
"I want to make sure workers impacted by our transitioning economy are able to update their education and enhance their job skills," Granholm said. "The Career Transition Program, available to credit union members throughout Michigan, will help make that education and training a reality for those who need it."