High School Counselor Workshops

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State of Michigan Department of Treasury Bureau
of Student Financial Assistance
2002-03Counselors Guide toMichigan Student
Financial Assistance Programs
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Directory of State Programs
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Directory of State Programs
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High School Counselor Workshops

• State of Michigan
• Department of Treasury
• Bureau of Student Financial Assistance
• 2002-03
• Counselors Guide to Michigan Student Financial
  Assistance Programs

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OFFICE OF SCHOLARSHIPS AND GRANTS

• WHATS NEW/ANNOUNCEMENTS
• MI Scholarships On-line (www.Michigan.gov/mistuden
  taid)
• Live 11/16/01 - New Web-based Computer System
• For User ID Password, e-mail treasscholgrant_at_mic
  higan.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

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OFFICE OF SCHOLARSHIPS AND GRANTS

• THREE STATE PROGRAMS
• Michigan Competitive Scholarship
• Michigan Tuition Grant
• Postsecondary Access Student Scholarship (PASS)

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OFFICE OF SCHOLARSHIPS AND GRANTS

• THREE FEDERAL PROGRAMS
• Robert C. Byrd Honors Scholarship
• Leveraging Educational Assistance Partnership
  (LEAP)
• Special Leveraging Educational Assistance
  Partnership (SLEAP)

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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

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OFFICE OF SCHOLARSHIPS AND GRANTS

• LEAP/SLEAP
• These Federal Funds are Combined with the
  Michigan Competitive Scholarship Program to Allow
  for Additional MCS Awards

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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

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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

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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

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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

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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

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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

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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 colleges SAP standard to get year two award

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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

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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 FAFSAs, 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

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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

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OFFICE OF INFORMATION AND RESOURCES

• WHATS NEW/ANNOUNCEMENTS
• OIR Will Administer These Programs
• Michigan Merit Award Program
• Michigan Nursing Scholarship Program (New)

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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

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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

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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)

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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

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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

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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

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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

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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.

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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.

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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

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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

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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

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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)

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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

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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

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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

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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

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OFFICE OF INFORMATION AND RESOURCES

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

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MICHIGAN EDUCATION TRUST MICHIGAN EDUCATION
SAVINGS PROGRAM

• WHATS NEW/ANNOUNCEMENTS
• Michigans 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

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MICHIGAN EDUCATION TRUST MICHIGAN EDUCATION
SAVINGS PROGRAM

• What MET Provides
• For Parents
• Tomorrows Tuition at Todays Costs
• Peace of Mind/Insurance
• Shows Child That Parents Value Education
• For Students
• Reason to Excel
• Encouragement to Study Hard
• Minimize Education Debt

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MICHIGAN EDUCATION TRUST MICHIGAN EDUCATION
SAVINGS PROGRAM

• MET Features Benefits
• MET Obligation
• Transfer of Risk
• Flexibility
• Portability
• Payment Options
• Refund Options
• Tax Benefits

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MICHIGAN EDUCATION TRUST MICHIGAN EDUCATION
SAVINGS PROGRAM

• MET Contract Options
• Three Types of Contracts
• Full Benefits
• Limited Benefits
• Community College

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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

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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

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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

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MICHIGAN EDUCATION TRUST MICHIGAN EDUCATION
SAVINGS PROGRAM

• MET/MESP Similarities Differences
• Similarities
• Benefits of Section 529 Plan
• State Federal Tax Exemption on Qualified WDs
• Open an Account for Any Child
• State Income Tax Deduction for Contributions
• Transfer Contracts/Accounts Among Siblings
• Gift Tax Exemption
• Payroll Deduction or ACH

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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

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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.

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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