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Student loan debt outpaces credit card debt

pile of one dollar bills
Steve Carmody
Michigan Radio
It costs a lot of money to go to college.

We collectively owe around $828 billion in revolving credit debt (that includes credit card debt), according to the latest numbers from the Federal Reserve.

Now, a column in the Detroit Free Press is reporting that for the first time ever, student loan debt has outstripped  revolving credit debt, coming in at $850 billion.

In the column Alan Collinge from StudentLoanJustice.org says,

Students are far worse off today with student loan debt.

It's no wonder.  Just take a quick look at tuition and room and board rates at three state colleges in Michigan:

  1. University of Michigan
  • $11,837 for in-state tuition (out-of-state tuition... you don't want to know... o.k., it's $36,001)
  • $9,192 for room and board
  1. Michigan State University
  • $11,722 for in-state tuition (out-of-state tuition... you really want to know? o.k., it's $29,622)
  • $7,820
  1. Wayne State University
  • $9,184 for in-state tuition (out-of-state tuition... ready? $19,753)
  • $8,253 for room and board

Michigan Radio's Jennifer Guerra is working on this story today.  Listen and watch for her report.

Mark Brush was the station's Digital Media Director. He succumbed to a year-long battle with glioblastoma, an aggressive brain cancer, in March 2018. He was 49 years old.