CMU Students Balance Finances, Debt, and Academic Success

MT. PLEASANT, Mich. —  As tuition costs soar and student loan debt continues to rise, Central Michigan University students are balancing the financial aspect of paying for their education. With estimated first-year costs nearing $27,000, many students juggle part-time jobs, loans, and academic commitments, all while keeping their financial stress in check.  

According to a recent survey of 40 CMU students, 62.5% of respondents work part-time or full-time jobs to help cover their living and educational expenses, and 30% report following a personal budget regularly. 50% of students said that student loan debt is a significant source of stress, some students said they are unsure how they will manage repayment after graduation.  

“With the inflation climate the US is experiencing, this is hardly anything I can work with living on. Imagine if the money I was making was going toward tuition,” said Kendal Sutton, a full-time student at CMU who works 11 hours a week on campus. “That’s not much. I believe it’s designed to make sure we stay in debt.”  

Despite the financial challenges, 75% of students surveyed have not used any of the financial literacy resources provided by CMU, such as workshops or counseling.

According to CMU’s website, the financial aid office offers merit-based scholarships for all students who apply, and in-state tuition is available to all U.S. residents, regardless of their home state. Michigan students who qualify also have the opportunity to attend CMU tuition-free through the CMU Tuition Advantage program. For many respondents of the survey, the basic costs of attending, which include an estimated $14,760 in tuition and fees, and $12,178 for housing and food, represent a financial burden.  

Kylee Moran, a freshman at CMU, talked about financial lessons she’s learned in her first year, “It is important to stay on top of your finances, and know when payments are due, so you do not fall behind on making payments.”

CMU’s tuition is set at $477 per credit hour, for lower-level courses, for students with fewer than 56 credits. For students with more than 56 credits, tuition is $525 per credit hour for upper-level courses. The university’s net price calculator, available on its website, can help students estimate their total cost of attendance based on their financial situation. 

The financial pressures some students deal with are due to the lack of time for part-time work. “Money is a stressor for me because I feel guilty about not having the time to work, so my parents pay for the additional things I need,” one student said in the survey. 

CMU’s financial aid office offers resources to help students manage their finances, including scholarships, loans, and personalized advice. 50% of students who took the survey think that CMU doesn’t provide enough resources to help students manage their finances effectively.   

Many students expressed the difficulties of managing finances with their social lives. “There's a lot of social pressure to spend money on trends and activities, those can really bust a budget,” said a respondent of the survey. 

Time management was another problem in the survey. Many students mentioned balancing homework, classes, work, and time with friends. “Trying to balance working, school, and the future all at once,” a student said, was the most challenging aspect of managing finances while in college.

According to CMU’s statistics, 94.9% of graduates are employed in careers related to their major or pursuing advanced degrees within six months of graduation. Graduates also earn a 23% higher median income than the national average two years after graduation.

Some students report strategies for managing loan repayment, such as using scholarships, working multiple jobs, or applying for loan forgiveness programs. A student talked about their financial plan in the survey, “Monthly payments on top of rent. Putting refunds towards loans.” 

Another survey respondent said, “I’m going to save money and pay with my money and scholarships. After graduation I’m making a payment plan through loan services.”