MTG saves $178 million in loan interest for students

The Michigan Tuition Grant is an essential part of financial aid for Michigan students in need. Approximately 17,000 students receive the grant each year saving $2,800 for each student annually.

Many of these students would not attend college if it were not for the Michigan Tuition Grant.

The Michigan Tuition Grant saves a total of $190 million in loan principal for students.

This loan principal generates a considerable amount of interest for students that they have to repay in top of the principal.

The $2,800 per student annual grant saves each student $10,445 in loan interest payments and $11,200 in principal. Added up this is equal to $178 million in interest expense savings and $190 million in principal for each cohort of students who receive the grant. $368 million for the economy instead of loan payments.