Report: Hillsdale College Ranks No. 4 in Michigan for Lowest Student Debt
More than half of Hillsdale graduates graduate debt-free, says Student Loan Report
Hillsdale, Mich. — According to a new report, Hillsdale College has the fourth lowest student debt in Michigan, when compared to 32 other colleges and universities. The Student Loan Report (SLR) highlights that more than half of Hillsdale graduates graduate debt-free.
“Hillsdale’s independence puts the college in a unique position to focus on our students and their individual financial needs,” said Gary Wolfram, professor of economics at Hillsdale College. “We should not be surprised that, as the federal government expanded its role in higher education through Pell Grants and loans to students without regard for their ability to pay the loans back, tuition and student debt have risen.”
Hillsdale College does not accept any government funding, including in the form of government-backed student loans. Hillsdale students who require financial aid have access to private grants and loans for tuition, books, room and board, and additional fees. For this current 2016-17 academic year, 95% of Hillsdale students received some form of financial aid, and the average gift aid amount (both need-based and non-need-based) was $17,206.
Wolfram added, “Even though Hillsdale is rated as one of the best private liberal arts colleges in the country, its tuition is about two-thirds that of the average private college. This is a clear indicator of why reducing the scope of federal government in higher education is important to not only the stability of its future, but our economic future as a country.”
A live national student debt clock estimates that America’s student-loan debt grows $2,726 every second.
The SLR uses the Common Data Set, a form completed and sent to college rankings publications such as the College Board, Peterson’s, and U.S. News & World Report, to determine enrollment, graduation rates, aid awarded to students, etc. The full student loan report is available here.
Those interested in learning more about Hillsdale’s unique financial aid options should visit www.hillsdale.edu/admissions-aid/financial-aid/.