Nationally, 11.35 percent of people have gone into default on student loans.
Student loans are tough. One in eight Americans is holding some amount of student loan debt. Those people total up to 43 million and they share $1.3 trillion in debt. One of the more alarming numbers is that nationally, 11.35 percent of people have gone into default on student loans. There is something about Michigan though. Michigan Technological University students have the second lowest default on student loan rate in Michigan compared to other public universities.
Michigan Tech is only reporting a default on student loan rate of just over 2 percent. The only public university in Michigan that beats it is the University of Michigan-Ann Arbor.
Michigan Tech is in the top 10 percent of schools in the country when it comes to default on student loan rates. A representative from Student Loan Report even commended Michigan Tech for setting up their students to flourish.
“Financing a degree in higher education is no small investment, and we really strive to make sure our students understand how their student loans will impact them both during and after college,” Joe Cooper, director of student financial services at Michigan Tech, said. “This report confirms what we have already been telling our students, which is that a Michigan Tech degree produces a significant return on investment.”
It appears that schools need to do more than required to groom and educate their students successfully. College graduates, for the most part, are totally unprepared for loan repayment. Michigan Tech is proving we need to do more if we want college graduates to be successful, prepared, and to start paying down the national student loan debt.
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