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 responsibilities of the Department of Lifelong Education, Advancement, and Potential in administering the scholarship, including the development of eligibility criteria and the management of funds appropriated under the state school aid act.

Key provisions of the bill include the definition of "cost of attendance," eligibility requirements for students, and the establishment of a reporting system to track scholarship distribution and student performance. Eligible students must maintain residency, enroll full-time, and apply for all available gift aid. The bill also mandates that institutions report on their compliance with tuition and fee restraint rates, with potential consequences for those that exceed these rates. The department is authorized to create rules for implementation, ensuring that eligibility criteria are strictly adhered to. The act will only take effect if a related bill is also enacted into law.