More students are leaving in debt than they were a decade ago.

From the Detroit Free Press:

Student debt at Michigan colleges up 57% since 2004

Michigan’s college students are leaving school deeper in debt than their peers did a decade ago — by almost 60% on average.

A new report from the nonprofit the Project on Student Debt at the Institute for College Access & Success shows the average 2014 graduate of a Michigan college had $29,450 to pay back on federal student loans. Compare that to the debt of their peers of a decade ago, who left owing $18,754.

But what hasn’t changed much is the percentage of college students borrowing money. In 2004, 58% of Michigan’s college graduates left owing money. In 2014, 62% left owing money.

“My oldest sister just paid off her loan,” said 2014 Grand Valley State University graduate Mark Williams, 24, of Detroit. “She graduated in 2014 with about $15,000 in loans. I left last year with about $24,000. I don’t think we really did anything different — it just costs more. My parents couldn’t cover all the cost for any of their four kids, so we all had to borrow, even though we all did get some scholarships.”


 
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