The bill amends the State School Aid Act of 1979, focusing on appropriations for higher education for the fiscal year ending September 30, 2026. It increases the gross appropriation from $2,324,292,600 to $2,412,322,700, with a notable rise in state general fund contributions. The bill revises funding allocations for public universities, including significant increases for institutions like Central Michigan University and the University of Michigan. It also introduces new sections, reallocates funds for educational programs, and adjusts the total for grants and financial aid from $542,453,600 to $551,953,600. Specific funding is designated for initiatives such as the Michigan student loan refinance program and the Michigan reconnect grant program, aiming to enhance educational support in Michigan.

Additionally, the bill emphasizes transparency and accountability for public universities by mandating the maintenance of a public transparency website and the development of a "campus safety information and resources" link. It introduces new definitions and requirements for universities regarding transfer agreements and academic advising, while also establishing a Michigan student loan refinance program with specific criteria for qualified borrowers. The bill modifies eligibility criteria for Michigan achievement scholarships and introduces new reporting obligations for public universities, including compliance with tuition restraint requirements. Overall, the bill aims to improve financial support for students, enhance compliance mechanisms for universities, and ensure effective use of state funds in higher education.

Statutes affected:
Senate Introduced Bill: 388.1836, 388.1841