The proposed bill establishes the "Michigan Achievement Scholarship Act," which aims to create a financial aid program for eligible residents attending specific postsecondary educational institutions within Michigan. The program is designed to provide last-dollar scholarship assistance, ensuring a tuition-free pathway for community college attendance and offering scholarship support for public and private universities. The funding for this initiative will be sourced from appropriations outlined in the state school aid act of 1979. The bill defines key terms such as "cost of attendance," "eligible institution," and "gift aid," and outlines the criteria for student eligibility, including residency requirements, academic progress, and the completion of the Free Application for Federal Student Aid.

The administration of the Michigan Achievement Scholarship will be overseen by the Department of Lifelong Education, Advancement, and Potential, which is tasked with developing processes for awarding scholarships and reporting on program participation and outcomes. Eligible institutions are required to submit annual reports detailing their compliance with tuition and fee restraint rates and the average amount of institutional grant aid awarded. The bill also includes provisions for the department to promulgate rules for implementation, ensuring that eligibility criteria remain consistent with those specified in the legislation. The act will only take effect if a related Senate Bill is enacted into law.