WUOMFM

college education

steve carmody / Michigan Radio

A college education is getting more expensive in the state of Michigan.

Last month, many Michigan colleges and universities approved tuition increases for this fall.  And starting today, interest rates on federally backed student loans are rising too.  

Interest rates on loans for undergrads are rising from 3.76% to 4.45%.   Overtime, that increase will add hundreds, if not thousands of dollars, to the cost of getting a degree.