According to the Center for American Progress, the impact in Michigan is widespread. [Center for American Progress, 6/04/13]
Michigan Facts on Student Loan Rates Doubling:
284,937 students borrow Stafford Loans
62 percent of Michigan college graduates are in debt
The average borrower is $24,450 dollars in debt
11.8 percent of borrowers are more than 90 days delinquent
If student loan rates were unchanged, the average savings per borrower would be $915 dollars.
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