The rising cost of college and the need to control it has been a drumbeat heard consistently for the past several years in Michigan. However, the opposite is true. Real college costs in Michigan are, in fact, falling and have been for the past four years.
Whether students attend an independent, non-profit college or university or choose a public university, the average cost of attendance is falling in comparison to inflation.
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Higher education attainment needs to be a priority for Michigan. Nationally, states with greater numbers of individuals with a college degree or postsecondary credentials have higher incomes, less poverty, and increased economic success.
Expanding access to higher education for all learners regardless of age or ability to pay is essential for Michigan to ensure that more individuals are able to earn a degree.
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The number of individuals earning a bachelor's degree from an independent, non-profit college or university in Michigan has increased 32 percent to nearly 13,000 annually since 2003.
Independent, non-profit colleges and universities in Michigan are contributing talent to Michigan's economy and the numbers are on the rise. Since 2003, the number of individuals earning a bachelor's degree at an independent institution in Michigan has increased by 32 percent.
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Individuals with a bachelor's degree or higher have stronger employment rates than before the recession. Those with less than a bachelor's degree have not fully recovered.
While unemployment is at an all-time low, many individuals are still struggling. Those without a college education have still not pulled out of the recession.
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In a recent independent study, executives and hiring managers agreed that higher education is worth the investment of time and money. An additional question in the survey asked about the overall importance of a degree to someone's career.
Strong majorities of executives and hiring managers noted that it is either very important or absolutely essential for individuals today to complete a college education.
Complete research results and the report can be found here.
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During 2017, MICU began producing bi-weekly infographics to share data related to independent, non-profit higher education in Michigan. During our year-long analysis we found out that independent, non-profit colleges in Michigan provide incredible access and opportunity for their students while also making college affordable.
Please contact Colby Cesaro at MICU if you would like a hard copy of this report. ccesaro@micolleges.org
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Information for Aid Administrators about state aid programs including the Michigan Tuition Grant and Tuition Incentive Program can be found through MI Student Aid/Student Scholarships and Grants (SSG) within the Michigan Department of Treasury.
Messages to Aid Administrators
SSG Programs
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U.S. Auto Loan Amounts Outpace Student Debt, But Fail to Deliver Similar Long-Term Value for Americans
Asset Values, Costs Vary Widely Over Short, Long Term
Michigan’s Independent Colleges and Universities (MICU) today released its comparison of U.S. automotive debt to student loan debt, and the results are striking.
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Pell Grants are federal need-based student grants that help students with financial need pay for college. The share of students with Pell Grants is typically an indicator of how accessible an institution is for students from a diverse array of family income situations.
As the economic landscape of Michigan has shifted, a greater number of students are in-need of aid. Independent colleges and universities have responded to student needs and are accessible to students of all income levels.
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In 2016, approximately 60,000 bachelor's degrees were awarded by four-year colleges and universities in Michigan. At both public and private, nonprofit institutions, about 35 percent of these degrees are in STEM fields including mathematics, biology, engineering, health sciences, physical sciences, and computer sciences.
While the share of overall STEM degrees awarded is the same for both public and private institutions, the share of those degrees earned by women is dramatically different.
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