MI HB4955

Creates the Michigan Achievement Scholarship Act to provide last-dollar financial aid for Michigan residents attending public universities, community colleges, tribal colleges, and independent nonprofit colleges in the state

Guarantees tuition-free community college for eligible students by covering tuition, mandatory fees, and contact hours after all other gift aid is applied

Limits eligibility to students who graduated high school or earned equivalency in 2023 or later, enrolled within 15 months, maintain full-time status and satisfactory academic progress, and have a Student Aid Index of 30,000 or less

Caps scholarship duration at 5 consecutive academic years total, with no more than 3 years at community colleges or tribal colleges unless enrolled in a baccalaureate program

Requires eligible institutions to report institutional grant aid levels and comply with tuition restraint rates; institutions exceeding tuition caps for 2 consecutive years may become ineligible for scholarship funding