Student loan debt on the decline
Student loan debt is a concern for students, families, institutions, and the government. Luckily, Michigan's independent, non-profit colleges and universities have been working hard to ensure that their students have a low debt burden and strong re-payment capabilities.
Since the 2009-2010 academic year, undergraduate students at Michigan's independent, non-profit colleges & universities have taken less and less money each year to supplement their educational expenses.
The annual average loan amount taken by undergraduate students at independent institutions has fallen 11 percent since the 2009-2010 academic year.
The percentage of students at Michigan's non-profit colleges & universities who take loans is low and falling. During the 2015-2016 academic year only 62 percent of undergraduates took out Federal student loans. This is compared to 67 percent during the 2009-2010 academic year.