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Financial Aid Trims 72 Percent from Tuition Bills
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November 17, 2004 -- When it comes to the actual cost of their education, Michigan Tech students have a great deal.
After accounting for financial aid and tax credits, the average undergraduate resident student pays just 28 percent of the "sticker price" of tuition and fees, according to a study just released by the Presidents Council of State Universities of Michigan.
During 2002-03, the average Tech student paid $1,852, after taking into account federal and state grants and tax credits, as well as financial aid from the university and other sources. Total tuition and mandatory fees for that year averaged $6,591.
"This points out, again, that a Michigan Tech education continues to be accessible and an exceptionally good value, particularly when you consider the high starting salaries awaiting many of our graduates," said Michigan Tech President Glenn Mroz.
"But averages can mask individual reality, and we know that we have students who need financial help. We currently have a group of faculty and staff taking a close look at how we can work with the state to keep higher education affordable, while still providing the financial aid that our students need."
The Presidents Council study was done by Dr. Hank Prince, former assistant director of the Michigan House Fiscal Agency and a recognized expert on higher education finance. The study takes into account scholarships, grants, and tuition tax credits, but did not factor in loans, since those must be paid back.
"A substantial portion of recent tuition increases have gone back to students in the form of university-based financial aid, keeping college affordable for middle- and lower-income students," said Michael Boulus, executive director of the Presidents Council.
Among all 15 public universities, the average student pays 45 percent of the sticker price of tuition and mandatory fees, according to the study. Average tuition, state-wide, was $5,570, while the net tuition was $2,495. When adjusted for inflation, the real average cost of tuition during 2002-03 was lower than in 1998, Boulus said.
The study shows that Michigan universities return a major portion of tuition increases to students. It cites three major reasons that net tuition cost has been kept down:
* An increase in financial aid provided by the institutions, in which universities use their own resources to help students.
* An increasing number of students receiving Michigan Merit Scholarships, which provides $2,500 per year to students who do well on the Michigan Educational Assessment Program (MEAP).
* A new federal tax credit for college tuition.
The Presidents Council report on the real cost of attending college in Michigan was patterned after a study done for the newspaper USA Today. The council contracted with Prince to analyze the extensive data provided by Michigan universities to develop the report.
More information is available at http://www.pcsum.org
The Presidents Council is a nonprofit higher education association serving Michigan's 15 state universities. The association advocates higher education as a public good and promotes its value to the citizens of Michigan.
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