How Affordable is the Average Michigan Student Loan Payment?

Debt isn't something we talk about in public. It's one of those topics we, as polite Michiganders, shy away from. Though 'being in debt' may be a taboo topic, there is never any shortage of advice on making the purchases that will put you in the hole.

Related: Huge Student Loan Forgiveness News in Michigan: Are You Eligible

If you give another homeowner even the slightest hint you're considering purchasing a house, brace yourself for a slew of unsolicited opinions. Looking at buying a car? Here comes a bunch of help you never asked for.

Why Isn't Student Loan Debt Discussed More?

I may be the last generation that remembers Home Economics being taught in Michigan schools. In addition to discussing how to manage a household budget, we were tasked with finding a car and home that would match the lifestyle provided by our chosen profession. We also made cookies. I loved that class.

Get our free mobile app

However, not once do I recall the topic of student loan debt coming up. I remember being told I needed a college education to be 'successful in life', but I cannot for the life of me remember anybody talking about how to pay for it.

Here's a look at some Michigan student loan statistics from LendingTree:

• Average student loan debt: $44,296 (1.7% above the national average)
• Median student loan debt: $23,346
• Total student loan debt: $51.8 billion
• Total student loan borrowers: 1,430,900
• Percentage of residents with student loan debt: 14.2%
• Percentage of student loan debtors who owe $20,000 to $40,000: 21.8%
• Percentage of student loan debtors who owe $100,000 to $200,000: 5.2%
• Percentage of student loan debtors 25 to 34 years old: 34.6%
• Percentage of student loan debtors 35 to 49 years old: 30.1%
• Borrower delinquency rate: 7.9%

How does Michigan's student loan debt stack up against the rest of the United States?