Average annual student loans are at a 10 year low in Michigan and still dropping

For students in Michigan that borrow to pay for college, the average federal loan taken each year has dropped over the past decade. In nominal terms the average annual loan for an undergraduate has dropped by nearly $900 between 2010 and 2019.

Putting this in real terms (accounting for inflation) students in 2019 borrowed an average of $2,000 less than students in 2010.

It is also important to remember that only about 60 percent of students use loans to help pay for their undergraduate education in Michigan.

See the full report here.