Graham Sustainability Institute

Increasing Student Loan Literacy & Reducing Debt

May 2019

College tuition rates are increasing every year, forcing many students to take out student loans. Free Application For Student Aid (FAFSA) is something every college student fills out, but not many truly understand how the process of student loan borrowing works. Michigan student loan default rates are higher than the national average, and women, especially women of color, are disproportionately affected by student debt. With a $5,000 seed grant from the Dow Distinguished Awards competition, a University of Michigan (U-M) student team is co-designing a solution with students to meet their loan literacy needs.