Bill Text: MI HB5780 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Higher education: financial aid; financial cost and aid disclosure; require. Amends 1979 PA 94 (MCL 388.1601 - 388.1896) by adding sec. 275m.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced) 2024-06-06 - Bill Electronically Reproduced 06/06/2024 [HB5780 Detail]
Download: Michigan-2023-HB5780-Introduced.html
HOUSE BILL NO. 5780
A bill to amend 1979 PA 94, entitled
"The state school aid act of 1979,"
(MCL 388.1601 to 388.1896) by adding section 275m.
the people of the state of michigan enact:
Sec. 275m. (1) Each public university that receives an appropriation in section 236 shall, before a qualifying student's decision deadline to accept the university's offer of admission to the university, provide a financial cost and aid disclosure form to the qualifying student with the student's initial financial aid packet. The form must be developed by or under the direction of the university's governing board, must not exceed 1 double-sided page in length when it is printed, and must include all of the following information:
(a) Itemized costs associated with attendance, including costs for each of the following:
(i) General and instructional fees.
(ii) Room and board, or a reasonable estimate of room and board if the qualifying student has not selected a room and board plan.
(iii) Special fees that the university charges at the time the form is provided to the qualifying student.
(b) The qualifying student's aggregate cost of attendance, including the general, instructional, and special fees and room and board.
(c) All available sources of financial aid offered by the university for which the qualifying student would be eligible, including all of the following:
(i) Any grants and scholarships the university is aware of and that it offers, including a description of any requirements for maintaining eligibility for those grants and scholarships.
(ii) Federal student loans, including federal direct subsidized and unsubsidized student loans.
(iii) Work study programs, including a description of any requirements for maintaining eligibility for those programs.
(d) The qualifying student's expected net cost of attendance after the student's aggregate financial aid, including the student's grants, scholarships, loans, and work study programs, is applied to the student's aggregate cost of attendance.
(e) The qualifying student's expected monthly education loan payment upon graduation based on the student loans described in subdivision (c)(ii).
(f) The income range between the twenty-fifth and seventy-fifth percentiles for both of the following:
(i) The university's most recent cohort of graduates.
(ii) The university's cohort of graduates who graduated 5 years before the qualifying student's admission to the university.
(g) If the qualifying student has declared a major or enrolled in a particular school at the university, both of the following:
(i) The income range between the twenty-fifth and seventy-fifth percentiles for the university's most recent cohort of graduates who had that major or were enrolled in that school.
(ii) The income range between the twenty-fifth and seventy-fifth percentiles for the university's cohort of graduates who graduated 5 years before the qualifying student's admission to the university and who had that major or were enrolled in that school.
(2) As used in this section, "qualifying student" means a newly admitted full-time student who is seeking a degree.
