Michigan College Students Have 10th Highest Average Debt

More than 60 percent of Michigan college seniors who graduated with a bachelor's degree last year will be paying a long time for their education. 

According to Project Student Debt, published by The Institute for College Access & Success (TICAS), Michigan graduates carried an average of $28,840 in debt, the 10th highest in the nation. The state ranked 19th in the percentage of students with debt. 

But that debt can pay off, according to a TICAS press release. While new college graduates had a 7.7 percent unemployment rate in 2012, 17.9 percent of young high school graduates with no college were unemployed.

In the release, TICAS president Lauren Asher said "a college degree remains the best route to finding a job in this tight market. But students and families need to know that debt levels can vary widely from college to college."

“If you need to borrow to get through school," she added, "federal student loans are the safest way to borrow. Whatever you earn, income-driven plans like Pay As You Earn can help keep federal loan payments manageable.” 

Nation-wide, 71 percent of students graduated with an average of $29,400 in debt, according to the report.