LendEDU’s College Student Loan Debt Rankings by State report for 2017 has ranked Olivet College fifth on its Michigan list for having the lowest average student debt per borrower. Olivet College joins the University of Michigan and the University of Michigan-Dearborn in the top five.
The report found that the average OC student debtor will owe $26,872. Eighty-seven percent of Olivet College graduates leave with some student debt. Michigan’s overall average debt per student borrower is $30,327, with 64 percent of all college graduates leaving school with some debt. Olivet College students were awarded $13.6 million in scholarships and grants for the 2017-18 academic year.
“It is an honor to be recognized for the intentional work of the college to provide affordable education. Our efforts to keep tuition and fees among the lowest of all Michigan private colleges while providing a quality, value-added liberal arts curriculum makes Olivet College the college of choice in the capital region,” said Lisa Lehman, assistant vice president for admissions. “We want students from all walks of life to have the opportunity to attend college. Many Comets are first-generation college students. By providing scholarships and grants, we not only foster a diverse student population that is a mix of urban, rural and socioeconomic backgrounds, but we graduate students who have minimal debt and are ready to take on the world.”
Ninety-nine percent of Olivet College students receive some form of financial aid, which is key to graduating with lower debt. The average student financial aid award package for 2017-18, including all federal, state, institutional and private grants and loans was $26,276. A diverse offering of scholarships and grants, including several talent-based scholarships, make college affordable for students who might otherwise not be able to attend.
The Olivet College ADVANTAGE was created to ensure students receive a quality education, with unrivaled value and includes a four-year graduation guarantee. “By graduating in four years students leave with less student loan debt and more earning potential over their lifetime of employment. At Olivet, we pair each student with an adviser to develop an academic plan that maps out four years of study,” said Tim Johnston, vice president for admissions and marketing. “By graduating on time, OC students get a jump start on their earning power, in addition to being ahead of their peers at other colleges and universities where it takes an average of five to six years to graduate.”
In addition to the four-year graduation guarantee, the Olivet College ADVANTAGE also guarantees its students service learning projects that include meaningful, hands-on experiences, global learning opportunities that provide diverse and innovative educational experiences abroad, and industry-leading internship and research opportunities.
LendEDU is a marketplace for private student loans, student loan refinancing, credit cards, and personal loans and other financial products.