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Monday 1 July 2024

How Much Does College Cost in Michigan in 2024?

The cost of college has been rising steadily over the past few decades, and Michigan is no exception. According to the Education Data Initiative, the cost of attending a public four-year college in Michigan is 16% higher than the national average — but the average private college costs 9.7% less than the rest of the country. 

What Michigan colleges cost

The best way to discover the current tuition costs for Michigan colleges is to visit the college’s website. Each college is transparent about the various costs associated with attending that school, but remember that there can also be hidden costs, such as application fees and travel and recreation costs that can creep in.

Here are some more interesting facts about what Michigan colleges cost, based on the most recent information from the Education Data Initiative:

  • The average in-state tuition and fees at a four-year public college is $13,716.
  • Tuition and fees are 55.36% of the total cost of attendance.
  • The room and board average in Michigan is $11.061.
  • The average cost of tuition and fees at a four-year private college is $41,790.
  • In 2019, private college tuition increased by 5.26% over the previous year and increased a further 5.60% in 2020.

Of course, the actual cost of college for your child will vary depending on several factors, including the type of school and your student’s financial aid package. However, the numbers above give you a general idea of what to expect.

 

what-michigan-colleges-cost-in-2024-graphic

Public Colleges

Michigan Technological University tops the Michigan public college tuition chart with in-state tuition at $18,796. The University of Michigan in Ann Arbor is next, with an estimated in-state tuition of $16,896. Michigan State University is also close to the top, with an in-state tuition of $16,522.

The other public four-year colleges in Michigan are all less expensive for in-state tuition and fees. Note that some of these figures are estimates, and some colleges include fees in their tuition rates:

  • Wayne State University: $14,638
  • Central Michigan University: $14,760
  • Northern Michigan University: $13,992
  • Grand Valley State University: $15,140 
  • Ferris State University: $14,000
  • Eastern Michigan University: $15,792
  • Western Michigan University: $15,126  
  • Oakland University: $15,262
  • Saginaw Valley State: $12,150
  • University of Michigan Dearborn: $15,240
  • University of Michigan Flint: $14,890
  • Lake Superior State University: $14,952

Private Colleges

Michigan has many private colleges, too. Typically, private colleges and universities have one rate for both in-state and out-of-state tuition. The costs vary and, although private colleges are more expensive than their public counterparts, they also tend to discount the sticker price to make them more affordable — and more competitive.

And, if you are planning in advance, you can depend on private colleges to publish their tuition rates much earlier in the year, potentially eliminating surprises when it comes to decision time.

Here is a selection of private colleges and universities in Michigan, with their 2024 tuition rates:

  • Hillsdale College: $31,780
  • Kalamazoo College: $60,453
  • Albion College: $56,330
  • Aquinas College: $39,418
  • Lawrence Technological University: $43.710, depending on major
  • Kettering University: $48,470
  • Hope College: $41,500
  • Alma College: $49,282

Planning for college costs

The cost of college can be daunting, but there are several things you can do to plan for it. Start by talking to the financial aid advisor at the colleges your child would like to attend, just to get a sense of what options are available. Use online calculators to estimate your college costs.

You can also find more information about the costs of college by visiting the College Navigator at the National Center for Education Statistics.

Once you have a better understanding of what Michigan colleges cost, you can start to develop a plan to pay for them. This may include applying for scholarships and grants, taking out loans and encouraging your child to work part-time.

It is also important to start saving for college as early as possible. Even a small amount of money saved each month can add up over time. Learn more about the benefits of opening a 529 account and encourage family members to contribute for every birthday and holiday. It’s never too late (or too early) to start saving.

The cost of college is a major concern for many families. Plan ahead and take advantage of the resources available to you — and before you know it, you’ll be helping your child make their college dreams come true.

Content sponsored by Michigan Education Savings Program. Learn more at misaves.org. Find more articles like this at Metro Parent’s Making Your Child’s College Dreams Come True page.



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These Are The Top 10 Safest Places to Live in Metro Detroit

Buying a home isn’t just a contract to the property, it can be a lifelong commitment to the surrounding community, too. 

Feeling safe in a community is a major factor for families when it comes to choosing where to plant roots. Luckily, Niche, a website offering rankings and statistics on towns, schools and colleges, also publishes a rankinExplore the safest places to live in Metro Detroit with comprehensive rankings based on crime rates and more from Niche.g of the safest places to live. See the rankings below to find out how towns in metro Detroit stack up. 

These statistics were calculated based on specific crime rates. Data for these categories come from the FBI, CDC and user-generated data sources. You can find the full methodology here.

Here are the top 10 safest places to live in metro Detroit on the list. 

Safest Places to Live Metro Detroit

Troy

  • Average home value: $375,600
  • Population: 87,170

Troy is home to a number of major companies, and many residents are able to work just a short drive from their homes. 

Novi

  • Average home value: $380,200
  • Population: 65,870

Novi is located on picturesque Walled Lake. Families enjoy excellent public schools, housing, outdoor activities and jobs.

Birmingham

  • Average home value: $679,700
  • Population: 21,738

Birmingham’s bustling downtown, excellent schools and well maintained parks are some of the reasons so many families choose to live there. 

Beverly Hills

  • Average home value: $459,500
  • Population: 10,550

Along with being a safe place to live, Beverly Hills boasts high ranking schools and highly rated parks. The city earned an “A+” in the “public schools” and “good for families” categories from Niche.

Farmington 

  • Average home value: $262,400
  • Population: 11,486

Farmington is known for its many restaurants, shopping areas, recreation centers and small businesses. It earns great scores from Niche in the school quality category, too.

Huntington Woods 

  • Average home value: $457,600
  • Population: 6,365

Huntington Woods is located in an enviable spot–close enough to the bustle of restaurants and entertainment of nearby Royal Oak and just 12 miles north of Detroit.

Rochester

  • Average home value: $447,800
  • Population: 12,978

Rochester’s picturesque surroundings offer families excellent access to parks and schools. Kids, and parents, too, have many options for healthy activities. 

Berkley 

  • Average home value: $275,100
  • Population: 15,150

Berkley’s high scores in Niche’s categories for housing, public schools, jobs, cost of living and outdoor activities make Berkley an excellent choice for families.

Northville

  • Average home value: $431,500
  • Population: 6,088

This safe city has highly rated public schools and parks. There are many family friendly festivals throughout the year in this historic town. 

Northville Township 

  • Average home value: $490,800
  • Population: 31,461

Northville Township is home to some of the world’s top automotive businesses. The township is a great fit for outdoorsy families wanting a safe place to plant roots, as there are many pathways, wooded areas and parks. 


 



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Should You Use a HELOC to Pay Your Kid’s College Tuition?

Proud of your new high school graduate but still wondering how you’ll pay for college? If you’re a homeowner, you might be eying your home equity, the current value of your home minus the amount still owed on your mortgage.

College tuition has been on the rise, but so have home values, and in March 2024 real estate data provider ICE Mortgage Technology estimated that American homeowners are sitting atop roughly $11 trillion dollars in tappable equity.

home equity line of credit, or HELOC, is one way to turn that equity into usable funds. Because a HELOC is a second mortgage, your primary home loan’s interest rate — which for a majority of homeowners is well below current mortgage rates — remains intact.

So if you’re trying to figure out how you’re going to come up with cash for those tuition bills before back-to-school season, should you consider a HELOC? Before you decide, weigh the possible benefits against the drawbacks — including a huge one — and review all your options.

Why equity borrowing is tempting

HELOC benefits go beyond keeping your current mortgage interest rate. For one, a HELOC may enable you to borrow a sizable sum. Lenders will usually let well-qualified homeowners borrow up to 80% of their home equity.

For example, say you have a $350,000 home and you still owe $150,000 on the mortgage. That means you have $200,000 in equity and could get a HELOC that goes up to $160,000. In contrast, with a federal Parent PLUS loan, you’re limited to exactly what’s needed: your student’s school-determined cost of attendance minus any other assistance they receive.

And because you aren’t required to use the money for educational expenses, as you are with federal student loans, you could use cash from a HELOC for other necessary expenses.

With a HELOC, you don’t take out all the money at once. Instead, you borrow from the line of credit as needed during what’s known as the draw period. You could borrow as the bills come in, and it may be easier to roll with unexpected costs, like a summer study abroad program.

Interest rates on Parent PLUS loans hit a record high for the 2024-2025 school year, and private student loan interest rates may also be in the 8% to 9% range, if not higher.

“Since interest rates are comparable, it may be a better fit to pursue a HELOC,” Noah Damsky, a chartered financial analyst at Marina Wealth Advisors in Los Angeles, said in an email. But, Damsky emphasized, “Parents need to evaluate alternatives to borrowing against their homes.”

Risks and drawbacks

Failure to repay any loan against your home, including a HELOC, can result in foreclosure.

“While the interest rates might be competitive or even better than a private student loan or a Parent Plus loan, the ramifications of something going wrong [are] far too great,” says certified financial planner Nick Marino, CEO of Breakaway Wealth Planning in Columbus, Ohio. Think through the risk, he advises. “You have kids at college, but they don’t have a home to go back to. Was it worth it?”

Second mortgages are not the fastest or easiest way to get cash. HELOC borrowers may wait more than a month between applying and accessing funds. You’ll benefit from shopping lenders and getting multiple rate quotes, and you’ll want your financial stats — like your credit score and debt-to-income ratio — to be in solid shape. That’s comparable to shopping for private student loans, but it’s much tougher than qualifying for a federal Parent PLUS loan. Though you’ll go through a credit check for Parent PLUS loans, there’s no minimum credit score, and borrowers may even be eligible despite previous credit challenges.

HELOCs generally have adjustable interest rates, which can make it hard to predict what your monthly loan payments will be. In contrast, with a Parent PLUS loan, you lock in the interest rate when you take out the loan. Borrowers may choose a fixed rate for private student loans, and refinancing is an option for private loans if rates drop.

How to make a smart choice

Start by taking a step back and assessing your financial needs. Prioritizing retirement savings is crucial, says Stacy Dervin, a CFP and CFA at Tailored Financial Planning in Eugene, Oregon.

“Underfunding your retirement to fund your child’s education now may only delay financial costs for your child,” Dervin said in an email. “If parents outlive their money, their adult children can end up paying for the parent’s late-in-life health care or living expenses.”

Here’s a practical guide to sorting through how to find money for college.

1. Start with the FAFSA

No matter how you think you’ll pay for college — and despite the past year’s issues — start by filling out and submitting the Free Application for Federal Student Aid, or FAFSA. This will allow you to see how much money your kid could receive from grants, programs like work-study and some scholarships, none of which have to be repaid.

2. Consider federal loans

Federal loans, whether student loans or Parent PLUS, should be considered next. Federal student loans have fixed interest rates that are set based on the year they’re originated, not your financial characteristics. That can be especially helpful for borrowers who don’t have much credit history, but federal loans are a solid choice regardless of your credit score.

3. Use private loans sparingly

Even if you think you could get a better rate elsewhere, federal loans offer borrower protections and flexible repayment options that you’re unlikely to find on a private student loan. Federal loans also may be eligible for eventual forgiveness. But if you’ve hit federal loan limits and it’s not enough, private student loans could be an option to fill those gaps.

4. Exercise caution with other financing sources, including HELOCs

If you consider the risks and decide to use a HELOC to help pay for college, take the time to run all the numbers, figuring out how much you’ll borrow and what your repayment strategy will be. HELOCs often require interest-only payments while you’re withdrawing money, but putting off paying back the principal could leave you strapped for cash when the repayment period kicks in.

Because it can’t be said enough: A HELOC is secured by your home, and failure to repay has dire consequences. Marino notes that even if a HELOC was a client’s least expensive option for education funding and they had sufficient assets to repay the HELOC at any time, “I still probably wouldn’t necessarily recommend it, but I could get more on board with it.”

Kate Wood writes for NerdWallet. Email: kwood@nerdwallet.com. The article Should You Use a HELOC to Pay Your Kid’s College Tuition? originally appeared on NerdWallet.


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50 Most Diverse School Districts in Metro Detroit

Attending a diverse school can impact the way a child sees the world. 

Niche, a website offering rankings and statistics on towns, schools and colleges, released its list of 2024 Most Diverse School Districts by county. It offers a look at the most diverse school districts in Metro Detroit based on a variety of factors.

These statistics were calculated based on ethnic and economic diversity statistics by city from the U.S. Census. You can find the full methodology here.

Find the most diverse school districts by county:

See the ranking of the top 50 most diverse school districts in metro Detroit as well as its overall Niche grade below.

Most Diverse School Districts in Metro Detroit

  1. Avondale School District, Auburn Hills (B)
  2. Van Buren Public Schools, Belleville (B)
  3. Warren Woods Public Schools, Warren (B)
  4. Wayne-Westland Community School District, Westland (C+)
  5. West Bloomfield School District, West Bloomfield (A+)
  6. Fitzgerald Public Schools, Warren (C+)
  7. Oakland Schools, Waterford (A+)
  8. Clarenceville School District, Livonia (B-)
  9. Summit Academy North, Romulus (C+)
  10. Washtenaw Intermediate School District, Ann Arbor (A+)
  11. Center Line Public Schools, Center Line (C )
  12. Warren Consolidated Schools, Warren (B-)
  13. Woodhaven-Brownstown School District, Woodhaven (A)
  14. Lincoln Consolidated School District, Ypsilanti (C )
  15. Ann Arbor Public Schools, Ann Arbor (A+)
  16. Ferndale Public Schools, Ferndale (B-)
  17. Southgate Community School District, Southgate (B-)
  18. Farmington Public Schools, Farmington (A-)
  19. Lincoln Park Public Schools, Lincoln Park (C )
  20. Roseville Community Schools, Roseville (C )
  21. South Lake Schools, Saint Clair Shores (B-)
  22. Huron Academy, Sterling Heights (B-)
  23. New Haven Community Schools, New Haven (B-)
  24. Dearborn Heights School District No. 7, Dearborn Heights (C )
  25. Waterford School District, Waterford (C+)
  26. Ypsilanti Public Schools, Ypsilanti (C-)
  27. Taylor School District, Taylor (C )
  28. Tipton Academy, Garden City (C+)
  29. Troy School District, Troy (A+)
  30. Clintondale Community Schools, Clinton Township (D)
  31. Madison District Public Schools, Madison Heights (C-)
  32. Novi Community School District, Novi (A+)
  33. Lamphere Public Schools, Madison Heights (B)
  34. Hazel Park Public Schools, Hazel Park (D+)
  35. Fraser Public Schools, Fraser (B+)
  36. Plymouth-Canton Community Schools, Plymouth (A)
  37. Pontiac City School District, Pontiac (D)
  38. Melvindale-North Allen Park Schools, Melvindale (C+)
  39. Lake Shore Public Schools, Saint Clair Shores (C+)
  40. Frontier International Academy, Detroit (C )
  41. Hamtramck Public Schools, Hamtramck (C )
  42. L’Anse Creuse Public Schools, Clinton Township (B)
  43. Wyandotte Public Schools, Wyandotte (B)
  44. Lakeview Public Schools, Saint Clair Shores (B)
  45. Romulus Community Shores, Romulus (C )
  46. Mount Clemens Community School District, Mount Clemens (C-)
  47. Chippewa Valley Schools, Clinton Township (A-)
  48. Waterford Montessori Academy, Waterford (B)
  49. W-A-Y Academy, Detroit (D-)
  50. Walled Lake Consolidated School District, Walled Lake (A-)

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