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 that students can access tuition-free pathways at community colleges and receive scholarship support for public and private universities. The bill outlines the administration of the scholarship program, including the definition of eligible institutions, the criteria for student eligibility, and the types of costs covered under the scholarship, such as tuition, fees, and other educational expenses.

Additionally, the bill mandates the Department of Lifelong Education, Advancement, and Potential to oversee the scholarship program, ensuring compliance with funding appropriations and reporting requirements. Eligible students must meet specific criteria, including residency, enrollment status, and satisfactory academic progress, to qualify for the scholarship. The bill also includes provisions for institutions to report on their financial aid practices and compliance with tuition restraint rates, with consequences for institutions that exceed these rates. The act will only take effect if a related bill is also enacted into law.