Tuition up, support down: Has college finally broken the bank?

Tim Goral's picture

Everyone knows college has become more expensive. But here's one more jaw-dropping statistic: An MET contract now costs a third more than the average Michigan family makes in a year.

And that's just for one child.

In 1995, a four-year MET cost $19,908, 54 percent of the median household income of $36,426. By 2012, the last year for which median family house income data is available, it cost $66,496, about one third more than the $50,015 the average family made that year.

The MET, shorthand for Michigan Education Trust, was instituted in 1988 as a way to prepay tuition and mandatory fees for a four-year college degree while children are still young. A contract covers any of Michigan's 15 public universities.

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