College scholarships to help ease the affordability crisis

Michigan s Board of Regents approves new scholarshipsHow to save $400 a year for every familyHow much money will states spend on {program}?A new scholarship pro...

Oct 03,2022 | Debbie

Michigan's Board of Regents approves new scholarships

How to save $400 a year for every family

How much money will states spend on {program}?

A new scholarship program in the state of Michigan will vastly increase accessibility to higher education. This is the biggest investment in tackling college affordability that has been proposed in a decade. The lawmakers approved the proposal on Wednesday.

The Michigan Achievement Scholarship for $5,500 per year will present to 15 universities and colleges in the state. It was first announced on June 25th in a spending bill, but was finalized on January 10th when all details were released from the Department of Education.

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Advocates of COVID (College Visibility and Inclusion Data) claim that, for some students, attending college is the difference between going to college or not. Between COVID's implementation in 2020 and 2019, the percentage of students enrolling within six months after graduation has dropped to 55%.

Dan Hurley, CEO of the Michigan Association of State Universities, says this will be a turning point for many who are headed off to college.

The Senate approved the scholarship plan by 33-0 vote. The House passed the plan on Wednesday night, with 78-26 vote, with the majority of Republicans voted against it.

Advocates predict that 75% of Michigan families would qualify for this new scholarship, which would provide them with the money they need to pay off some of their college tuition costs. University of Michigan tuition has also been a concern, as it surged up 3% within the last year.

The Obama Opportunity Scholarship will provide up to $4,000 of tuition at private, nonprofit colleges. It will also provide up to $2,750 per student for education in community and tribal colleges.

A related program would grant up to 2,000 USD for a skilled employee, who is looking for new skills for the long term with an qualified occupational training program.

In order to qualify for the program, applicants must be from families with an expected family contribution of less than $25,000.

There are a number of online calculators that can estimate the amount of money you need to be making to qualify for SNAP benefits. The US median annual income is just over $59,000, which makes qualified families have an adjusted gross income of $108,000 or less.

The scholarships available for Michigan students are not open to students who attend schools outside of Michigan

The state predicts that using Copymatic will cost $169 million by 2023-2024. Four years later, it will cost the state $562 million.

With no details on how scholarships would be implemented, there is now a $250 million allocation for college scholarships.

The state is spending 120 million dollars on need-based aid, which is 2x the amount spent 2020-21.

The program would send scholarships to students in the year 2023 and will continue for up to five years, with a maximum of three years at community colleges.

Senator Irwin commented on the close-by project that is going to help improve and provide more jobs in the area.

Sen. Kim LaSata (R-Niles) mentioned that the legislation would help families scrape together enough to pay for school, and also help businesses seeking workers.

LaSata said “there are less skilled workers and many positions for manual labor jobs are left unfilled, due to lack of qualified workers.”

This scholarship is going to help a lot of people who need money for college.

Students who are qualified for a merit scholarship which is based on need and merit would have to give it up if they were accepted into the new scholarship program. This program is only three years old and not yet fully operational, but there are 22,200 students that qualify from 2020-21.

A scholarship increase could help encourage more students to enroll in college. Fewer high school graduates are choosing colleges and universities, and fewer of them are even graduating, because of declining birth rates.

With fewer students on campuses, students are now declining in numbers. At some point, there were around 46,000 less students at these public universities.

In order to be eligible for the scholarship, you must have graduated from a Michigan high school and be enrolled in college. To get the scholarship every semester you will need to maintain "adequate student progress."

When faced with a $140 million shortfall, Gov. Jennifer Granholm cut the Michigan Promise scholarship in 2009, which then offered high school graduates up to $4,000 per student.

Hurley from the State University group said business and education leaders have lobbied for additional financial aid, which has put Michigan near the bottom of national rankings.

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Hurley said, "This is a day Michigan has been looking forward to," adding that the reduction in taxes will have a large impact on affordability in college.

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There are implications for who qualifies for the proposed Michigan Opportunity Grant.

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Michigan's legislature approved a scholarship program that will help college tuition become more affordable.

The Michigan Achievement Scholarship is laid out in the June spending bill, which was released today. This scholarship will provide up to $5,500 per student per year at Michigan's 15 public universities and colleges.