Career Transition Loans
What is the Career Transition Program (CTP)?
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 provides below market, unsecured educational loans, textbook reimbursements, and funds for career counseling and placement services to credit union members affected by job losses. Here is how the program works:
Eligible Schools:
Assistance Eligibility:
- Members of Auto Body Credit Union recently displaced or in the process of being displaced from the workforce
- Members should have at least 2 years of prior full-time work experience
- Credit union member in “good standing"
Program Guidelines:
- Maximum assistance per member of $10,000.
- All assistance disbursements must be made within 24 months of program start date.
- First disbursement requires class schedule and tuition bill from eligible school.
- Checks will be made payable to the school and the member.
Loan Type:
- Fixed-rate loan for a maximum of 10 years.
- No payments or interest for 24 months.
- Interest rate set at .50% below the standard Stafford loan rate.
Textbook Reimbursement:
- Reimbursement, up to $500 per semester, for the cost of books required for financed programs of training.
- Applications are available at local Michigan Works! Service Centers. Call 1800-285-WORKS to find a center near you.
- Applications must be accompanied by copy of loan agreement, picture identification, class schedule, and receipt for books purchased.
- Separate applications will be made for each semester of training covered by the loan.
If you think you might qualify for the CTP program, please stop by any ABCU branch and talk with a member services representative.
For more information about the Career Transition Program and for additional support links click here.
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When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents as per the requirements of the U.S.A. Patriot Act.
