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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.