6 out of 10 undergraduates in Michigan DO NOT borrow student loans to pay for college, reaching a new low in student debt

In 2024, only 41% of undergraduates enrolled at private, non-profit colleges and universities and public universities in Michigan, used student loans to pay for college. This is a new low in student borrowing, which has been on the decline for a decade. This also means that 59%, or 6 out of 10, students did not use loans at all to pay for college during the 2024 academic year.

Colleges and universities along with the State of Michigan has taken action to limit the amount of debt students will have upon graduation. Counseling in financial aid offices, the Michigan Achievement Scholarship and Michigan Tuition Grant along with other state aid, plus incredible investments from institutions themselves to ensure an affordable education, have all paid off to ensure that most of Michigan’s students can attend college without taking on immense amounts of student debt.

More on student debt in Michigan to come in our next issue of Independent Indicators!