Michigan Colleges Causing Massive Student Debt

According to the Detroit Free Press, the news isn't good for college students in Michigan when it comes to student debt. New numbers released from the nonprofit Project on Student Debt at the Institute for College Access & Success (TICAS) show that the average amount of money a college student will owe on student loans continues to increase.

Ten years ago the average graduate from a Michigan college had to pay back approximately $18,754 for federal student loans. However, in 2014 that number had grown to a whopping $29,450. In comparison with other states, Michigan's 57% growth in the amount of debt is pretty much in the middle of all the states. Delaware has the highest debt increase with 129% and Iowa has the lowest with only a 17% increase.

As a parent of a child that is planning on attending college in the fall of 2017, these numbers make me cringe. (Is it too early to start a gofundme account??) If you're up for the challenge, you can see the complete rundown of student rates at Michigan colleges, by clicking here.

• Listen to Banana Don & Stephanie McCoy weekday mornings from 5:30a-10a on 100.7 WITL.
• Follow Stephanie on Facebook at facebook.com/bananastephanie and facebook.com/WITLFM on Twitter @WITLMcCoy.
• Email Stephanie at stephanie.mccoy@townsquaremedia.com