The proposed bill establishes the "Michigan Achievement Scholarship Act," which aims to create a financial aid program for residents attending eligible postsecondary educational institutions within 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 specific eligibility criteria for students, including residency requirements, enrollment status, and the completion of the Free Application for Federal Student Aid (FAFSA). It also mandates the Department of Lifelong Education, Advancement, and Potential to administer the scholarship program, develop reporting processes, and collaborate with eligible institutions to ensure compliance with financial aid requirements. Additionally, the bill includes provisions for the department to promulgate rules for implementation, while ensuring that no additional student eligibility criteria beyond those specified in the bill are applied.