Financial Aid

A common objective for business schools across the country is development of leadership skills. For this reason, MBA programs utilize team-based assignments, incorporate leader development in the core curriculum, and include a plethora of leadership and service opportunities in co-curricular offerings.

Michigan means business when it comes to going after student loan defaulters. Michigan college students graduate with a slightly higher debt than the national average, and about one in 10 Michigan student loans winds up in default—on par with the national average. However, the U.S. Attorney’s Office in Detroit has been far more aggressive in pursuing defaulters than in other states.

As college acceptance letters began popping up in mailboxes across the country this year, incoming students were left once again with the daunting task of choosing the right school. While cost has always been a consideration, more students than ever before are now considering it as a key factor—not only in terms of which school to attend, but whether they go to college at all.

Unless you live in a cave, you’ve seen the alarming headlines highlighting “exploding” college costs and “crushing” student loan debt. Because the media is trying to grab readers’ attention, these articles often use the most startling cases of these serious problems without providing context needed to fully understand the complexity of these issues. A simple internet search reveals the prevalence of these types of articles. Here are just a few recent headlines:

In the midst of the debate in Congress over whether or not to double interest rates on Federal student loans in July comes another hot-button aid issue—states are running out of aid money altogether. At the end of March, the Illinois Student Assistance Commission (ISAC) announced it would need to suspend making Monetary Award Program (MAP) awards for FAFSAs filed on or after March 14.

As new high school graduates anxiously await acceptance letters from their favorite colleges, many will start to plan for this new chapter in their lives by seeking student loans and financial aid to pay for it. After running the gauntlet of qualifying for loans and assistance, many will forget all about it.