Marshall Community Credit Union is one of 30 credit unions in Michigan participating in the Career Transition Program (CTP), a statewide landmark loan program designed to help displaced workers acquire new or advanced training in a vocation or trade due to their situation in the job market. 

 “MCCU is pleased to provide our members with an affordable means to update their skills and education.” said Peggy Day, MCCU CEO.  “We understand the effects that job losses, corporate cut backs, and businesses moving out of the area can have on families.  MCCU’s CTP is a tool that members can use to make educational opportunities for a new career or advanced training a reality.”

The CTP is designed to assist individuals that have at least 5 years of full time work experience and have recently been displaced, or are in the process of being displaced from the workforce.  The program provides financing up to $10,000 for 10 years at a fixed interest rate equal to .50% below the standard Stafford loan rate.

A key part of CTP is that for the first 24 months from the date of the first loan disbursement, there are no loan payments and interest is forgiven.  The average minimum projected savings for a member who qualifies for a $10,000 loan under the program is $950, based on the current unsubsidized Stafford loan rate, and is as much as $5,100 when compared to an unsecured loan for the same 10-year term.

In a strong declaration of support for CTP, 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. 

More than 170,000 manufacturing jobs have left Michigan since the beginning of the century.  Our economy has shifted, leaving many workers facing unemployment.  MCCU, with the State of Michigan, is ideally positioned to respond to this demand with affordable financing and assistance. 

For more information about the CTP, call 269-781-9885 or email us.