College just became more affordable with the advent of the Michigan achievement scholarship award, which is targeted at making education affordable and easily accessible to freshmen in various colleges and universities in Michigan.
More financial aid will be available from the State of Michigan for students who complete high school in Michigan in 2023 or later with a diploma, certificate of completion, or high school equivalency certificate.
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Michigan Achievement Scholarship: Overview
The new Michigan Achievement Scholarship is for new first-year students entering different universities in Michigan. For example, Ferris State University in the fall of 2023 has been announced by the state of Michigan, and are eagerly awaiting information from the State of Michigan on the Michigan Achievement Scholarship.
This scholarship program is easier to apply for and has fewer limits than some of the state’s earlier college aid initiatives.
The new Michigan Achievement Scholarship will make college easily accessible and more affordable for most Michigan college freshmen starting next year.
The program is expected to cost the state $169 million in the fiscal year 2023-24 and more than $562 million four years later. More importantly, it will save families thousands of dollars on tuition and fees.
Here is a summary of the benefits this scholarship offers:
- A new state scholarship program provides up to $5,500 per year for college expenses.
- When fully implemented, the program will cost the state $562 million per year.
- Most students will qualify if they fill out the FAFSA.
- Up to $2,000 annually for up to two years if they attend an eligible private training provider in Michigan.
- Up to $2,750 annually for up to three years if they attend a Michigan community college.
- Up to $5,500 annually for up to five years if they attend a Michigan public university.
- Up to $4,000 per year for five years if they attend a Michigan private college or university.
Some other necessary information:
The Michigan Achievement Scholarship is expected to be available to approximately 70% of Michigan high school seniors in the class of 2023.
WNF Scholarships, the Bulldog Bonus, Pell Grants, and other financial aid may be combined with the Michigan Achievement Scholarship. Please keep in mind that federal financial aid regulations limit student aid to their estimated Cost of Attendance.
To be considered for the Michigan Achievement Scholarship, students must fill out the FAFSA. The Michigan Achievement Scholarship is available to students with an Expected Family Contribution of $25,000 or less.
How much money can students get from Michigan Achievement Scholarship Grant?
For students enrolling at any of Michigan’s 15 public colleges, the program offers up to $5,500. Additionally, the initiative will give up to $4,000 per student to private nonprofit universities in the state and up to $2,750 to both tribal colleges and community colleges.
It is possible to receive the scholarship for up to five years of study.
A comparable program would provide $2,000 for up to two years at qualified occupational training programs such as those for the construction, manufacturing, information technology, and healthcare sectors.
Who is Eligible for the Michigan Achievement Scholarship?
Students who complete or obtain a high school equivalent begin in 2023.
According to the bill’s text, students must enroll in college full-time, make adequate academic progress, and apply for all financial assistance options each year they wish to receive a scholarship.
Students must have lived in Michigan for at least a year, enrolled in a Michigan college, and have a FAFSA-estimated projected family contribution to college costs of less than $25,000 per year (FAFSA). It’s not as low as it sounds. With an adjusted gross income of $55,000, the typical American family may expect to contribute between $3,000 and $4,000.
A family of four with one college student could qualify with an adjusted gross income of $108,000.
Is the New Program Available to students in College?
The scholarship program is now only open to seniors graduating from high school starting next spring.
State aid possibilities for current college students are somewhat constrained.
The Michigan Competitive Scholarship, which offers up to $1,500 annually to Michigan students enrolled in college, is only available to those with SAT scores of 1200 or higher.
Most citizens 25 years of age and older are eligible to attend Michigan community colleges for free, thanks to Michigan Reconnect. But those who don’t reside in a district with a community college are not included.
How to Apply for the Michigan Achievement Scholarship and How to know when you get In
Fill out the FAFSA. By submitting that form, you will automatically be eligible for both the new state scholarship and the federal Pell Grant.
College officials will let you know how much financial aid you are receiving from various sources when you apply and are accepted to the school.
However, getting seniors in high school to complete the FAFSA has been difficult. With around 52 percent of graduating seniors completing the FAFSA, Michigan is ranked 29th in the nation.