Undergraduate debt is on the decline. Students in 2024 borrowed an average $800 less than students in 2015.

Students are borrowing less and less to attend college. In fact, students this past year borrowed about $800 less than they did in 2015. Looking at the data, it is clear to see that student borrowing preferences have shifted in the right direction. Less debt each year and lower percentages of students borrowing, means less overall undergraduate debt. This is positive for students and for Michigan.

Average student loans declining at such a rapid rate, provides even further evidence that colleges and universities in Michigan are working to help students make sound financial decisions. While a financial aid counselor cannot restrict a student’s borrowing, they can provide counsel and information on necessary versus unnecessary debt. Our colleges have heard the call and answered the charge.  

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

Looking for more higher education data? Email Colby at ccesaro@micolleges.org