Media Contact: DIFS-press@michigan.gov
Consumer Hotline: 877-999-6442, Michigan.gov/DIFScomplaints
FOR IMMEDIATE RELEASE: August 17, 2026
(LANSING, MICH) With back-to-school season upon Michiganders, the Michigan Department of Insurance and Financial Services (DIFS) is providing financial and insurance tips to help students navigate the scenarios they may encounter on college campuses, at trade schools, in other post-secondary education programs, and beyond.
“As students return to school or begin new programs this semester, being financially prepared and properly insured is essential,” said DIFS Director Anita Fox. “Understanding your income and expenses, monitoring your credit, and borrowing only what fits your needs and budget can help reduce financial stress. Ensuring you have the right insurance coverage provides added peace of mind throughout the year. These steps will help you stay focused on what matters most — getting an education.”
DIFS has created a video focusing on important financial topics to aid students through their financial journey, including:
- Budgeting: A budget is a clear system for tracking the money you earn and the money you spend on bills, daily expenses, and other purchases. It also includes setting aside a portion into your savings to help prepare for emergencies and work toward larger financial goals. By reviewing your budget regularly, you can identify areas where you might cut back on spending in order to increase your savings or pay down debt more quickly. Budgeting gives you greater control over your finances, and many apps are available to help students easily categorize their expenses and simplify the budgeting process.
- Student Loan Debt: When borrowing student loans to help fund your education, make sure you understand the terms and conditions of the loan, interest rates, repayment plans, as well as how much you are borrowing and whether it fits your budget and needs. You should also look into your options for scholarships, grants, and work-study programs to help limit your debt and loan payments after graduation. Learn more about scholarship programs offered by the state of Michigan at Michigan.gov/MiStudentAid.
- Credit Cards: Used responsibly, credit cards can help you build your credit history, which can benefit you in renting an apartment, buying a car, seeking employment, and eventually purchasing a home. Charging within your means and paying off your card every month is a great way to help avoid debt. Some credit cards have cash rewards, so you can earn extra money on what you borrow. Using credit cards improperly, for example by spending too much or making late payments, can lead to high-interest debt and negative impacts your credit score and history. The key is to not carry a balance on your card and use it simply as a credit-building tool.
- Review Your Credit History: You are entitled by law to a free copy of your credit report from each of the reporting agencies once a year. You may request your free credit reports at AnnualCreditReport.com. Looking at your reports regularly is important to ensure all the information is accurate and that your identity has not been stolen. Catching inaccuracies and reporting those immediately to the credit reporting agencies is key to clearing fraud from your name, getting approved for loans and other services, and protecting yourself as a consumer.
- Savings with Student Discounts: Many businesses provide discounts for students, which can help keep your budget on-track and save you money in the long run. Carry your student ID with you and ask businesses in and around your campus community if they offer specials to students. You can also explore websites for many of the national brands you use, as they sometimes have deals in place for students.
DIFS is also encouraging students to review their insurance policies to ensure they have the coverages in place to protect their vehicles, property, and understand their health insurance.
Here are a few examples of how insurance can make a difference:
- Auto Insurance: Students commuting to college or a trade program are required to have auto insurance to drive legally in Michigan. An accident without the right coverage could leave a family responsible for thousands of dollars in repairs or medical bills. Talk to a licensed insurance agent or insurance company to find the best coverage that meets your needs and budget.
- Renters Insurance: Students living away from home should consider renters insurance to cover them if something happens to their personal belongings. If a fire or break-in occurs, renters insurance can help pay to replace personal belongings like a laptop, tools, or clothing. Without renters insurance, you may be personally responsible for replacing or repairing your items. Talk to a licensed insurance agent or insurance company to find the best coverage that meets your needs and budget.
- Health Insurance: Health insurance helps you access care when you’re sick or injured and keeps you healthy through preventive health care services. Under state and federal law, students may stay on a parent’s health plan until age 26, after which students can explore the Health Insurance Marketplace or school-based health plans.
- Life Insurance: Parents or guardians may want to review their family’s life insurance needs, especially if they have cosigned student loans or taken on other financial obligations related to their child’s education. If their child were to pass away unexpectedly, a life insurance policy could provide critical financial protection, for example by helping to pay off the remaining student loan balance.
For more information or assistance with financial services and insurance, visit Michigan.gov/DIFS or call 877-999-6442 Monday through Friday 8 a.m. to 5 p.m.
The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. Translation services are available for individuals with limited English proficiency who contact the Department. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, X, or LinkedIn.
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