Even those of us who are only partly paying attention to the news, have heard about the most recent issue in education: Interest rates on federally-subsidized student loans are scheduled to double July 1. Although interest rates have held steady at 3.4 percent for the 2011-2012 academic year, the rate will grow to 6.8 percent without congressional intervention.
Students—some who have amassed up to $200,000 in loan debt—are calling for an interest-rate freeze. But as a recent NPR article reports, critics claim that this is a small-policy hullabaloo because the increase will only impact one type of federal loan—and only those issued from July onward.
According to a recent Detroit Free Press article though, what remains undeniable is the staggering estimate that 37 million Americans have student loan debt which totals $870 billion.
In response to these economic challenges, Marygrove is pleased to announce that the college has reduced tuition rates for four of its online graduate programs by 19 percent. These decisions, according to President Fike, were made in an effort to counter the financial burdens students are experiencing. This is one step—amongst a few others—that the college is taking toward making a Marygrove education an achievable, financially-sustainable investment.
Although much of the media coverage has targeted the rising tuition cost of publicly-funded colleges and universities, Dr. Fike believes that “as a local fixture and leader in the city of Detroit, it is our responsibility to step-up and do our part to help.” This reduction will be in effect for the 2012-2013 academic year and applies to programs in Educational Technology, Educational Leadership, Human Resource Management, and Modern Language Translation Certificates.
In keeping with the decision to reduce online graduate tuition, Marygrove can proudly state that for the third year in a row, the college has kept a price-freeze on graduate tuition. Dr. Fike believes that “Detroit is a city of opportunities and possibilities—especially for enterprising young people with the energy and determination to make a difference.” That being the case, he is determined that we, as a part of the Detroit community, “prepare students for a bright future as urban leaders,” and reducing the cost of tuition per semester is one competitive and necessary step to make sure this becomes a reality.