MI HB5471

Establishes the Michigan Higher Education Grant program administered by the Michigan Higher Education Assistance Authority to award grants to eligible students attending public universities and community colleges in Michigan beginning in the 2012-2013 academic year.

Sets eligibility requirements including 12-month Michigan residency, receipt of high school diploma or GED from Michigan within 2 years of application, enrollment in a qualified degree or vocational program, submission of FAFSA, and application for other available state grants.

Sets initial grant base amount equal to median tuition costs for full-time public university students in 2011-2012, adjusted annually by Detroit consumer price index, with individual grant amounts determined by subtracting other state and federal aid from base amount.

Creates Michigan Higher Education Grant Trust Fund in the Department of Treasury funded by appropriations, donations, and tax expenditure savings to support grant awards, with unspent funds carrying over annually rather than reverting to general fund.

Limits full-time students to receiving grants for no more than 5 academic years and requires annual reporting by November 1 to legislative fiscal agencies on number of grants awarded, maximum grant amounts, and total expenditures.