Student loan interest rates rising this weekend for Michigan college students
A college education is getting more expensive in the state of Michigan.
Last month, many Michigan colleges and universities approved tuition increases for this fall. And starting today, interest rates on federally backed student loans are rising too.
Interest rates on loans for undergrads are rising from 3.76% to 4.45%. Overtime, that increase will add hundreds, if not thousands of dollars, to the cost of getting a degree.
Catherine Marrs is a certified educational consultant. She’s telling high school students to go to a less expensive community college first, before attending a four-year college.
“And I do feel that students need to, if they commit to community college, they commit for both years. Go for an Associate’s Degree. Not just to pick up some credits,” says Marrs.
Marrs says high school students need to better understand how college loans work, before they get too deep in debt.