MI HB5444

Establishes the Fostering Futures Scholarship Trust Fund in the Michigan Department of Treasury as a charitable and educational endowment fund to provide scholarships to current and former foster care students.

Restricts fund disbursements until deposits reach $500,000, with annual disbursements limited to all contributed money plus 5% of the 12-quarter rolling average, and administrative costs capped at 15% of amounts exceeding $500,000.

Eligible foster care students must have been in care after age 13 due to abuse or neglect, be attending a Michigan institution of higher education, have unmet financial needs, and maintain satisfactory academic progress.

Allows the Department of Treasury to accept federal grants, gifts, donations, and bequests from individuals, organizations, and foundations to fund the trust, with the department working with the Department of Human Services to solicit contributions.

Requires students to exhaust all other available federal, state, and local grants before receiving assistance, with scholarship funds limited to tuition, fees, room, board, books, supplies, and equipment costs.