Colleges in Michigan are located in the lower peninsula. The University of Michigan - Ann Arbor is the oldest institution. Like most other states, schools range from four year private institutions to two year community colleges. Let’s look at some NCES stats about the Great Lakes state:
Salary BreakdownCollege Scorecard tells us alums from University of Michigan-Ann Arbor earn the highest average salary. 10 years after starting school, the average alum from University of Michigan-Ann Arbor earns $86,900. Meanwhile, the 2017 mean annual wage in Michigan is $49,510. You do the math!
College Scorecard tells us alums from University of Michigan-Ann Arbor earn the highest average salary. 10 years after starting school, the average alum from University of Michigan-Ann Arbor earns $86,900. Meanwhile, the 2017 mean annual wage in Michigan is $49,510. You do the math!
Michigan offers some in-state tuition programs to cover college costs. The Midwest Student Exchange Program (MSEP) has tuition reduction for both public and private colleges in Michigan. 939 out-of-state students were enrolled in 2016-2017. In fact, the total amount of tuition savings was about $6.3 million.
As a result, private colleges offer a 10% reduction on tuition rates. Public colleges agree to charge no more than 150% of in-state school tuition. The savings fall between $500 and $5,000. A few states such as Nebraska and Minnesota participate in this program.
In addition, Michigan Education Savings Plan (MESP) is a 529 savings plan. The great advantage of this plan are the tax benefits. Your contributions are tax deductible from the federal and state income tax. Also, the withdrawals are tax-free when you pay for college. The MESP allows students to attend any school in the USA.
Moreover, you can spend the funds on college tuition, room and board, books, computers, and more. You can enroll and start contributing as low as $25 per month. It's a great way to save money for college, tax-free!
Top Michigan colleges ranked by total student population. See which college is right for you below.
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Source for school statistics and data is the U.S. Department of Education's National Center for Education Statistics and the Integrated Postsecondary Education Data System.
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