Michigan offers 7 tips when considering taking out student loans – WDIV ClickOnDetroit

Kayla Clarke, Senior Web Producer
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Kayla Clarke, Senior Web Producer
The Michigan Department of Treasury’s MI Student Aid Team wants families to be alert and informed when considering taking out student loans.
“Michigan students and families cover a considerable amount of their higher education costs,” State Treasurer Rachael Eubanks said. “When student borrowers become their own financial advocate, they can better understand how to manage and leverage the financial aid they receive. Please carefully consider only accepting those loans that are needed. The choices made by students today will have outcomes later in life.”
Related: Coverage on student loan forgiveness
The team offered up seven best practices to consider when taking out loans:
According to the Federal Reserve Bank of New York, individuals nationwide have nearly $1.6 trillion in outstanding student loan debt.
If you’d like to learn more, you can visit michigan.gov/mistudentaid or contact MI Student Aid at mistudentaid@michigan.gov, 1-888-447-2687.
Copyright 2022 by WDIV ClickOnDetroit – All rights reserved.
Kayla is a Web Producer for ClickOnDetroit. Before she joined the team in 2018 she worked at WILX in Lansing as a digital producer.
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