The proposed bill establishes the "Michigan Achievement Scholarship Act," which aims to create a financial aid program for residents attending eligible postsecondary educational institutions in Michigan. The program will 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 the state school aid act of 1979, and the program is designed to enhance access to education and skills necessary for success in Michigan's evolving economy.

The bill outlines the administration of the scholarship program, detailing eligibility criteria for students, including residency requirements, academic progress, and the necessity to apply for all available gift aid. It also mandates the Department of Lifelong Education, Advancement, and Potential to oversee the program, develop reporting processes, and collaborate with eligible institutions to ensure compliance with financial aid requirements. Additionally, the bill includes provisions for annual reporting on scholarship distribution and student success metrics, aiming to maintain transparency and accountability in the program's implementation.