The TTC gets 85% of its operating funds from fares. Compare with Montreal at 47%, Vancouver at 34%, New York City at 54%, Los Angeles at 30%, or Cleveland at 18%. If the TTC got the same subsidy as the other cities, the Metropass for everyone would be lower, and in turn it would be lower for the student.
In addition, the Metropass is transferable. Which means that the family members could use it, when the student is not. Or, it can be "sold" at a fair price or a profit, to friends or neighbours.
If the student is not going to use it, sell it to those who would.