A changing economy in Michigan means that education beyond high school, whether it's a degree or training for a specific skill or job, is more important than ever. But in Michigan, low- and middle-income families are seeing college costs continue to rise--for many, rising beyond their reach. Michigan has some of the highest public tuition levels in the nation--partly due to sharp cuts in state funding per student--while it also has experienced the nation's worst wage declines of the twenty-first century. Without a strong financial aid system to make up for the widening gap between the cost of college and what families can afford to pay, many college-ready residents forgo education, or they take on significant debt that dampens the economic benefits of their degree. Understanding the nature of this affordability crisis is critical to building a holistic state strategy to address it. This report is the first in a series on the finance of Michigan higher education. The series is a part of a multi-state project looking at higher education finance and affordability efforts across the country.