A bill to amend 1979 PA 94, entitled “The state school aid act of 1979,” (MCL 388.1601 to 388.1896) by adding section 275m.
House Bill 5780 requires Michigan public universities to provide a comprehensive financial cost and aid disclosure form to newly admitted full-time degree-seeking students before their decision deadline. The disclosure form, which is to limited to one double-sided page, must include detailed information on various financial aspects of attending the university. Key elements to be covered in the form include itemized costs of attendance (such as general and instructional fees, and room and board), information on available financial aid sources (including grants, scholarships, federal student loans, and work-study programs), the expected net cost of attendance after applying financial aid, estimated monthly loan payments upon graduation, and income ranges for recent graduates. Passage of this bill would allow students to better determine the value proposition of attending a particular school, and it could incentivize schools to keep their costs down.
Introduced
by
Referred to the Committee on Higher Education
