Student loan debt up 52% in Michigan, new study shows
(05/14/190- From tuition, housing, text books and other needs-- it costs a lot to go to college.
And for some, student loans is only way possible to pay for it.
"It is part of life and I feel like it's the part of them going into adulthood," said parent, Kris Walser.
But the amount of debt keep growing.
The average student loan debt at a four year college in Michigan has increased by 52%- according to a new report by LendEDU.
That surpasses the average increase at other colleges and universities across U.S. by $423 dollars.
"It's obviously some concern, but it's better than him not going to college," said parent, Carol Drahos.
U of M Ann Arbor had the smallest debt increase at about 8% from $23,000 to $25,000
Mid Michigan Universities and Colleges did not fair as well.
SVSU student loan debt: up nearly 41% from $18,000 to $25,000: a difference of $7,758
Northwood University: up 33.41% from $23,980 to $31,478: a difference of $7498
Central Michigan University: up 52% from $22,128 to$33,635: a difference of $11,507
Michigan State University: up 52.59% from $21,175 to$32,310: a difference of $11,135
But the highest in Mid Michigan the University of Michigan–Flint: up 72% from $19,000 to $33,000: a difference of $13,943
According to the study, a reason for the increased debt is a change in the federal loan marketplace.
In 2010, the Education department took over all student loans,something that would offer students lower interest rates in some cases.
Making loans more available to students.
But some say they are trying to decrease the amount needed to get through college.
"My daughter has signed up to live in the residence halls, but depending on how her class schedule goes, she is considering still living at home to save on the costs. " Walser said.