I am out-of-state for both colleges and I’m going into ee. Assuming I get no financial aid from either university, I was wondering which university you all believe I would be set up after from. I plan on getting a higher degree, doing research, or going into industry afterward (I’m really not sure which yet). I am also interested in fine arts however I realize I can continue pursuing that outside of the college. This is really a question of which college would be more worth my money.
Georgia Tech is significantly cheaper than Michigan ($30k vs $45k tuition alone). The two are roughly equally good on EE. As such, if you are looking for value for money, I would say Georgia Tech makes better sense.
You will get a great education at either college of engineering, but $60K savings (over 4 years) is an entire year’s starting take-home salary for a BSEE. That’s pretty significant.
oh and the weather!!!
If money isn’t an issue, I’d choose Michigan. Great town, more diversity in the student body, and I like snow. 
After re-reading your post, I see that money is the main reason for posting! With that in mind, I agree with @Alexandre and @TooOld4School all the way! For $60k, I’d forgo the snow and put up with the heat and humidity in a heartbeat. Plus, Georgia Tech’s reputation seems to be only on the rise.
The cheaper college here is the way to go if financials are your number one most important factor. Michigan’s rep is also rising in Engineering.
Note that you should check which is cheaper for you, not just CoA. For some OOS, UMich can be much cheaper.