As the calendar page turns and November begins, students may be looking forward to the chilly weather and the meals at the end of the month. But some students may be feeling a chill down their spine and fear striking into their hearts as they stare at their bank statements, as student loan payments come due and the holiday gift giving looms.

Those paying for their college using students loans may be feeling even more dread than their peers. This is the case for Danny Williams, a senior at Central Michigan University majoring in psychology who currently owes about $28,000 in student loans.

“It’s a lot of money for an education,” she said. “Having to pay that (back) the rest of my life is insane. ”

As of June 2024, Americans owe $1.6 trillion dollars in student loans according to the Pew Research Center. This is reportedly 42% higher than what they owed a decade before.

A majority of these borrowers are between the ages of 18 and 39, with debt amount ranging from $10,000 to $100,000 depending on the degree. This comes with both rising tuition costs and rising earnings in the country.

Additionally, data shows students who do have to take out loans lag behind their peers when it comes to wealth accumulation and their economic well-being, and they are more likely to accumulate other types of debt with credit cards, car loans and mortgage payments. The Pew Research Center also said those with debt are more likely to say they are “finding it difficult to get by” or are “just getting by” financially.

“It’s just a lot to think about,” Williams said. “It’s just another bill on top of everything else. If they forgave my loans, that’d be pretty cool.”

She’s not alone in her thinking. The Pew Research Center study shows that about 35% of adults between the ages of 25 and 39 with bachelor’s degree and student loan debt believe their college degree wasn’t worth the cost, and the lifetime of debt they’re now paying back. In comparison, 16% of college graduates without outstanding balances also say the cost wasn’t worth the degree.

Other students were unaware of how much their education costs, or if they had any debt to worry about for the future. Tyler Willemstein is a freshman at CMU studying pre-physical therapy. He said he’s using private and federal student loans to pay for college, and estimates he has about $5,000 in debt currently.

Willemstein said he believes the system with student loans is fair.

“You’re asking for money to pay for college, and then you’re expected to pay it back,” he said. “I think if you’re smart about it, you can get off pretty easy. It’s expensive, but it’s worth it.”

Michigan’s opportunities for higher education

Many students said they are paying for college through scholarships or federal aid, and that they are working to prevent taking out loans if they can. Some of these scholarships came from the state level, and others are from the university.

Students that are Michigan residents have multiple financial aid opportunities available to them through the state government. These scholarships and grant programs can be found at michigan.gov.

Michelle Richards is the deputy director of Michigan’s Lifelong Education, Advancement and Potential (MiLEAP)’s higher education department. She said the goal of the department is to “help people reach a bright future.”

“We see it as a core part of our mission,” she said. “We know that earning that degree is a milestone, and we want to help people secure good jobs.”

Richards said once residents fill out their Federal Application For Student Aid (FAFSA), they will then be qualified to receive in-state scholarships and tuition aid. She said some scholarships are automatically considered and applied for, such as the Michigan Achievement Scholarship and Michigan Reconnect for returning adults to college.

She said other programs require specific circumstances, like being in foster care or having veteran parents, or require students to pursue specific pathways, such as those going into teaching or social work.

“We know there are some sectors of the economy that are struggling to retain talent,” she said. “We know these roles are critical in our state … and our future.”

One pathway scholarship Richards talked about was the MI Future Educator Fellowship program, which helps cover the tuition of students going into teaching.

“We want people to be able to graduate and worry about what’s best for our kids, not about (their) loans,” she said.

Richards said that many students at Central Michigan University have benefitted from state aid programs since MiLEAP launched in Dec. 2023.

Some scholarships CMU students are benefitting from include:

The Michigan Achievement Scholarship, with 1,101 students
The Tuition Incentive Program, with 557 students
Mi Future Educator Fellowship, with about 300 teacher education students
Mi Future Educator Stipend, with about 270 student teachers

Statewide, over 66,000 students have received the above scholarships to pay for their education.

Richards also said this fall, the state implemented the Michigan Community College Guarantee, which allows Michigan high school graduates from the class of 2023 onward will be able to pursue an associates degree or skills certificate tuition-free.

After Gov. Gretchen Whitmer passed the new school aid budget in July, Richards said MiLEAP got the program up and running in a month’s time for newly graduated students. She said that was one thing she was most proud of with MiLEAP, is how quickly they work and how much everyone in her department cares for students.

“I know everyone in this department comes to work and asks ‘How can I help a student today?’” she said. “What better job is there than that?”

Financial support on campus

At CMU, the Office of Scholarships and Financial Aid is responsible for distributing federal, state, departmental and university-based scholarships.

Sarah Kasabian-Larson is the director of Scholarships and Financial Aid at CMU. She’s being working in the financial aid industry for 14 years, and said her drive is helping students.

“We know it can be overwhelming,” Kasabian-Larson said. “That’s why we’re here, to help (students) through the process.”

Like Richards, Kasabian-Larson said filling out the FAFSA is crucial for CMU to figure out what aid they can award to students. She said some scholarships are automatically awarded to students after they apply, such as Maroon and Gold Merit Scholarships and the Transfer Honors Scholarship. Others, she said, are need-based and determined by FAFSA data, like the CMU Grant and the CMU Tuition Advantage Program.

She said she encourages students to fill out the FAFSA and apply for any scholarships they can, as “every little bit helps.”

“Every scholarship, even if it’s just $500, they can stack and bring that cost down,” she said.

Kasabian-Larson said there are also many university scholarships students can apply for, such as the Centralis Scholarships or departmental scholarships. She said students can find all the CMU scholarships they qualify for through Scholarship Universe.

She also said there are other things in place for students to help them financially if needed, such as the emergency fund and filing for special circumstances. Overall, she said the goal is to provide students with the maximum aid possible to help them pursue their degree.

“I’m passionate about what I do because I really believe it makes an impact on students’ lives,” she said. “I remember being 18 and struggling with the FAFSA for the first time, struggling to navigate with scholarships and aid … I don’t want that for students. I want to teach them how to minimize loans.”

Kasabian-Larson said students can learn more about the financial aid offered at CMU through their website, and she said students can always reach out to the office with questions or for support.