College costs are on the rise, but Bridge finds that students from lower-income families are bearing more of the burden.
Bridge Senior Writer Ron French says they examined the federal government's records of net costs, along with income. He says those figures show the net costs is going up faster for poorer students.
French describes a "perfect storm" for universities beginning in 2008 during the economic downturn. There was less state aid available for students, while families found themselves with less income. French says there was a small pie and more people wanting a piece of it.
Western Michigan University is one of the schools where costs have gone up more for lower-income students. There is an expansion of scholarship money for low-income, high achieving students. French says officials at Western and other schools say the state needs to provide more support for higher education.
There are some big differences among universities in Michigan. Bigger schools, like the University of Michigan, have large endowments to provide more need-based aid for students. But French says some schools, like Oakland University, have made a major effort to boost financial aid for low-income students. French says universities face a balancing act. He says need-based aid helps students afford college. But French says universities want to use merit-based aid to attract high achieving students.
French says it's important for students and their families to look beyond the "sticker price" at state universities. He says financial aid can help students afford college, even at a school that might appear out of their price range.
