 In that capacity, MHEAA-MGA primarily backs Michigan students by insuring lenders who disburse federal student loans that they will be reimbursed for their good faith lending.MHEAA is a body corporate and politic within the Michigan Department of Treasury.Its 15 members are appointed by the Governor of Michigan with advice and consent of the Michigan Senate and consist of representatives from the Michigan education and lending communities as well as the public at large.