GRAND RAPIDS, Mich. (WOOD) — Tuition rates are higher than ever, with a national student debt crisis topping $1.5 trillion.
Michigan ranks as the 11th state with highest debt nationwide, higher than all surrounding states. The average student loan debt in our state is $31,289, according to the Institute for College Access and Success.
24 Hour News 8 spoke with high school students and parents during a College Career Fair to see their thoughts on the price of an education these days. Most seemed very aware, and were thinking ahead on how to pay.
“It’s kind of scary when you first look at it but when you realize about all the scholarship opportunities, you can attack it easier,” said Elise Stanley, a 10th grade student.
“If I can get my basic classes done at a cheaper college and then transfer over to take my classes that I want to major in that would be a cheaper route,” said Alex Willison, an 11th grade student.
MI Student Aid financial experts said one of the biggest issues for people is they don’t know what’s out there when it comes to options for financial aid.
MI Student Aid offers a number of scholarship, grant and college savings programs for students. Experts suggest students start digging into financial aid options and applying for programs their junior year of high school.