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State of Michigan Department of Treasury Bureau of Student Financial Assistance

State of Michigan Department of Treasury Bureau of Student Financial Assistance. 2002-03 Counselor’s Guide to Michigan Student Financial Assistance Programs. Directory of State Programs. Directory of State Programs. High School Counselor Workshops. State of Michigan Department of Treasury

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State of Michigan Department of Treasury Bureau of Student Financial Assistance

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  1. State of Michigan Department of Treasury Bureau of Student Financial Assistance 2002-03Counselor’s Guide toMichigan Student Financial Assistance Programs

  2. Directory of State Programs

  3. Directory of State Programs

  4. High School Counselor Workshops State of Michigan Department of Treasury Bureau of Student Financial Assistance 2002-03 Counselor’s Guide to Michigan Student Financial Assistance Programs

  5. OFFICE OF SCHOLARSHIPS AND GRANTS • WHAT’S NEW/ANNOUNCEMENTS • MI Scholarships On-line (www.Michigan.gov/mistudentaid) • Live 11/16/01 - New Web-based Computer System • For User ID & Password, e-mail treasscholgrant@michigan.gov • Update Contact Information Periodically • Student Can Obtain User ID & Password After FAFSA Data Processed • Students Can Obtain Award Amount Information or Reason for Ineligibility

  6. OFFICE OF SCHOLARSHIPS AND GRANTS • THREE STATE PROGRAMS • Michigan Competitive Scholarship • Michigan Tuition Grant • Postsecondary Access Student Scholarship (PASS)

  7. OFFICE OF SCHOLARSHIPS AND GRANTS • THREE FEDERAL PROGRAMS • Robert C. Byrd Honors Scholarship • Leveraging Educational Assistance Partnership (LEAP) • Special Leveraging Educational Assistance Partnership (SLEAP)

  8. OFFICE OF SCHOLARSHIPS AND GRANTS • Robert C. Byrd Honors Scholarship • Federally Funded, State Administered • Students Nominated by High Schools • Portable to any College in the Country • Renewable for Four Years • Students Must Attend Full-Time • $1,500 Maximum Award for 2002-03

  9. OFFICE OF SCHOLARSHIPS AND GRANTS • LEAP/SLEAP • These Federal Funds are Combined with the Michigan Competitive Scholarship Program to Allow for Additional MCS Awards

  10. OFFICE OF SCHOLARSHIPS AND GRANTS • Michigan Competitive Scholarship: Eligibility Criteria • Both Merit-Based and Need-Based • Enrolled in MI Public or Private Institution • Qualifying ACT Score (90 Sum = 23 Comp.) • Financial Need • Take ACT by December of H.S. Senior Year • File FAFSA by February 21

  11. OFFICE OF SCHOLARSHIPS AND GRANTS • Michigan Competitive Scholarship: Points to Remember • Students Can Re-Take ACT (by December) • OSG Keeps Highest Score • OSG Receives all Score Information if: • Student is a MI resident, or • Student attends a MI high school, or • Student uses Code 2076

  12. OFFICE OF SCHOLARSHIPS AND GRANTS • Michigan Competitive Scholarship: Points (cont.) • Students With Sum Score of 90 Receive Certificate in Spring • Certificate is Mailed to High School so School Code on ACT Must be Correct

  13. OFFICE OF SCHOLARSHIPS AND GRANTS • Michigan Competitive Scholarship: Maximum Award for 2002-03 • $1,300 at MI Public Institutions • $2,750 at MI Private/Independent Institutions

  14. OFFICE OF SCHOLARSHIPS AND GRANTS • Michigan Tuition Grant: Eligibility Criteria • Need-based (no ACT score requirement) • Students Attending MI Private Institutions • $2,750 Maximum Award for 2002-03 • Student Cannot Receive Both Competitive Scholarship and Tuition Grant Simultaneously

  15. OFFICE OF SCHOLARSHIPS AND GRANTS • PASS: Eligibility Criteria • Enrolled in Associates Degree Program at Eligible Institution • Up to Equivalent of Two Years Full-Time Enrollment • Student Must be Pell Grant Eligible • Amount of PASS = Tuition & Fees minus Pell, MCS/MTG, and imputed Hope Tax Credit

  16. OFFICE OF SCHOLARSHIPS AND GRANTS • PASS: Eligibility Criteria (cont.) • Take MEAP Tests in Reading, Writing, Math, Science • Score Level I or II on Those MEAP Tests • Two years of award eligibility • If Required MEAP Scores Not Achieved • One year of eligibility • Meet college’s SAP standard to get year two award

  17. OFFICE OF SCHOLARSHIPS AND GRANTSFAFSA: General Information • FAFSA color for 2003-04 is YELLOW • Federal government processes the FAFSA and distributes to schools • FAFSA information is released to the State if Question 24 lists Michigan • State residency questions on the FAFSA (#24 students, #66 parents) are important • Year In College question #30 must be answered; H. S. seniors always answer “0” • Students must list at least one MI college in Step 6 for state aid consideration • Students should list college choices in order of preference

  18. OFFICE OF SCHOLARSHIPS AND GRANTSFAFSA: General Information (cont.) • Students can call OSG at 888-447-2687 to change college choice • Advise students to make sure SSN is correct since it is key identifier used to match student records • Advise students to write full name on FAFSA as it appears on Social Security card • Advise students to make SAR corrections quickly • Advise students to keep copies of all forms submitted • If counselors need additional FAFSA’s, call 800-394-7084, or access the Web site www.edpubs.org/ml, or encourage students to file on the Web at www.fafsa.ed.gov

  19. OFFICE OF SCHOLARSHIPS AND GRANTS • Accessing MI Scholarships Online • www.Michigan.gov/mistudentaid • Click on “Quick Link” Item • Welcome Page • Click on Photo Icon: “High Schools” • Log-in Box: Enter User Name and Password • Update School Contact Information as Needed

  20. OFFICE OF INFORMATION AND RESOURCES • WHAT’S NEW/ANNOUNCEMENTS • OIR Will Administer These Programs: • Michigan Merit Award Program • Michigan Nursing Scholarship Program (New)

  21. OFFICE OF INFORMATION AND RESOURCES • Michigan Merit Award • Merit-Based Scholarship • Student Must Meet or Exceed State Standards • Based on MEAP Scores on High School Tests in Reading, Writing, Math, Science (students must take all four tests) • Non-renewable: $2,500 at In-State Institution, $1,000 at Out-of-State Institution

  22. OFFICE OF INFORMATION AND RESOURCES • Michigan Merit Award: Eligibility Criteria • Score Level I or II on the Four MEAP Tests • Alternate A: I or II in Two MEAP areas Combined with Qualifying ACT or SAT Score (ACT - 24, SAT - 1170) • Alternate B: I or II in Two MEAP areas Combined with Qualifying Scores on Four WorkKeys Job Skills Assessment Tests

  23. OFFICE OF INFORMATION AND RESOURCES • Michigan Merit Award: Eligibility Criteria • Enroll in Approved Postsecondary Institution • High School Graduate or GED • Cannot Have Violent Felony Conviction • Up to $500 Additional Award Beginning with Class of 2005 for Good Performance on MEAP Middle School Tests (7th and 8th Grade)

  24. OFFICE OF INFORMATION AND RESOURCES • Michigan Merit Award • Funds Can Be Used for Education Related Expenses • Tuition and Fees • Room and Board • Books and Supplies • Transportation • Day Care

  25. OFFICE OF INFORMATION AND RESOURCES • Michigan Merit Award • Funds Are Paid to the Institution • Option A: Lump Sum • Option B: Two Consecutive Year Payments • In-State and Out-of-State

  26. OFFICE OF INFORMATION AND RESOURCES • Michigan Merit Award • Years of Eligibility • Class of 2000 and 2001 - Has Seven (7) Years To Claim The Award • Class of 2002 Forward - Has Four (4) Years To Claim The Award

  27. OFFICE OF INFORMATION AND RESOURCES • Michigan Merit Award • Certification Window - New Legislation • Students Must Certify By September 30th If They Wish to Receive Payment in That School Year • Students Wishing to Use Their Merit Award During the 2002-03 Academic Year MUST Have Certified by September 30, 2002

  28. OFFICE OF INFORMATION AND RESOURCES • Michigan Merit Award • Fall Cycle • Second chance for SENIORS to take the High School Test. Test window opens 10/28/02 and runs through 11/8/02. • Spring Cycle • Third and last chance for SENIORS to take the High School Test. Test window opens 4/21/03 and runs through 5/9/03.

  29. OFFICE OF INFORMATION AND RESOURCES • Michigan Merit Award • Ballot Proposal 02-4 • This amendment will appear on the November 5th general election ballot. This would require money now used for the Merit Award to be diverted for other purposes. Should voters approve this proposal, the Merit Award funding source will end on January 1, 2003. Unless a new funding source is legislatively approved to cover the $115 million shortfall, the program will cease to exist.

  30. OFFICE OF INFORMATION AND RESOURCES • Michigan Nursing Scholarship Program • Begins Academic Year 2002-03 (2nd quarter) • Funded via Merit Award Trust Fund • Ballot Proposal 02-4 • Maximum Award is $4,000 Per Year • Student Must Sign Agreement to Work in Michigan or Scholarship Must be Repaid • State Delivers Funds to Colleges, Student Recipients Selected by Financial Aid Offices

  31. OFFICE OF INFORMATION AND RESOURCES • Tuition Incentive Program (TIP) • High School Completion Program • Phase I Pays Tuition & Fees in an Associate Degree Program • Phase II Pays up to $2,000 for 3rd and 4th Year

  32. OFFICE OF INFORMATION AND RESOURCES • TIP: Eligibility Criteria • Medicaid Eligible 24 Months out of 36 Consecutive Month Period • Meet Requirement between 6th Grade and High School Graduation (or GED) • Achieve Diploma or GED Before Age 20 • Initiate Use of TIP Within 4 Years of Graduation or GED

  33. OFFICE OF INFORMATION AND RESOURCES • TIP: Eligibility Criteria (cont.) • U.S. Citizenship and State Residency • Enrolled in Participating College at Least Half-Time • Student Must Complete Application Before High School Graduation (applications sent to all students accumulating required months of Medicaid)

  34. OFFICE OF INFORMATION AND RESOURCES • Campus-Based Programs: Eligibility Criteria • Adult Part-Time Grant • Financial Need and Part-Time Enrollment • Independent Status, Attending MI Public or Private College/University • Award Maximum $600/Year • College Financial Aid Office Makes Award

  35. OFFICE OF INFORMATION AND RESOURCES • Campus-Based Programs: Eligibility Criteria (cont.) • Michigan Educational Opportunity Grant • Financial Need • Attend a MI Public College/University • Award Maximum $1,000 • College Financial Aid Office Makes Award

  36. OFFICE OF INFORMATION AND RESOURCES • Campus-Based Programs: Eligibility Criteria (cont.) • Michigan Work-Study (Grad and Undergrad) • Financial Need • Attending MI Public or Private College/University • Award Amount Variable • College Financial Aid Office Makes Award

  37. OFFICE OF INFORMATION AND RESOURCES • Other Programs and Services • MI-SEARCH • Free, Fast Scholarship Search Service on the Web • Accesses National Scholarship Database • Includes Michigan-Specific Listings • Available at www.Michigan.gov/mistudentaid

  38. OFFICE OF INFORMATION AND RESOURCES • Other Programs and Services (cont.) • MI-SourceBook • Available on Web site www.Michigan.gov/mistudentaid • Profile Information on all MI Institutions • Help With Any Financial Aid Question • 1-877-FA-FACTS (1-877-323-2287)

  39. MICHIGAN EDUCATION TRUST &MICHIGAN EDUCATION SAVINGS PROGRAM • WHAT’S NEW/ANNOUNCEMENTS • Michigan’s “529” State Tuition Plans • Online Enrollment • MET Office Move (address, phone the same) • Annual Review of MESP Investment Options • Full Disclosure Ruling (MSRB) • Pending Federal Legislation

  40. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • What MET Provides • For Parents • Tomorrow’s Tuition at Today’s Costs • Peace of Mind/Insurance • Shows Child That Parents Value Education • For Students • Reason to Excel • Encouragement to Study Hard • Minimize Education Debt

  41. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • MET: Features & Benefits • MET Obligation • Transfer of Risk • Flexibility • Portability • Payment Options • Refund Options • Tax Benefits

  42. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • MET: Contract Options • Three Types of Contracts: • Full Benefits • Limited Benefits • Community College

  43. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • Michigan Education Savings Program • Administered by MI Department of Treasury • Managed by Tuition Financing, Inc., Subsidiary of TIAA-CREF • Also Selected as Manager for Many Other States Including California, Connecticut, Kentucky, Minnesota, New York, Vermont

  44. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • MESP: Features & Benefits • Minimum Contribution Amount ($25) • Gift Tax Exemption • Three Investment Options • Contribute $600 First Year for Newborn to 6 Year Old to Receive $200 Match

  45. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • MESP: Investment Options (IRC 529 Regulation: Account owner does not control how the savings are invested) • Core Option • Managed Allocation - age based • Supplemental Options • Guaranteed • 100% Equity

  46. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • MET/MESP: Similarities & Differences • Similarities • Benefits of Section 529 Plan • State & Federal Tax Exemption on Qualified WD’s • Open an Account for Any Child • State Income Tax Deduction for Contributions • Transfer Contracts/Accounts Among Siblings • Gift Tax Exemption • Payroll Deduction or ACH

  47. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • MET/MESP: Similarities &Differences • Differences • MET - Prepay Tuition & Mandatory Fees • MESP - Save for all Qualified Higher Education Expenses • MET - Pays Tuition & Mandatory Fees at MI Public Two or Four Year College/University (Can obtain refund to attend MI private or out-of-state college) • MESP - Can Be Used to Pay for Expenses at Any College in Country

  48. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • MET/MESP: Similarities & Differences • Differences (cont.) • MET - Prepay with Monthly Installments, Payroll Deduction, or Lump Sum. Ignore Rising Tuition. • MESP - Save as Much as $235,000. Deposit as Little as $25.

  49. MICHIGAN EDUCATION TRUST & MICHIGAN EDUCATION SAVINGS PROGRAM • MET/MESP: Similarities & Differences • Differences (cont.) • MET - Purchase for MI Child Newborn to 10th Grade, Allowed 9 Years to Complete College • MESP - Open Account for Anyone; No Age Limit, No Residency Requirement • MET - Counted as Student “Resource” for Financial Aid • MESP - Counted as Parent Asset for Financial Aid

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