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Bureau of State and Authority Finance - msfaa

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					         Bureau of
State and Authority Finance
Office of Scholarships & Grants
Academic Year 2011-12 Funding by Program

                 State Programs                                    Federal Programs

 Tip                                  $43,800,000.00   GEAR UP Michigan and           $1,500,000.00
                                                       GEAR UP College Day
 MTG                                   31,664,700.00

 MCS*                                  18,361,700.00

 CVTG and STP                           1,200,000.00

                                      $95,026,400.00                                  $1,500,000.00

                                                                         TOTAL AID:  $96,526,400.00


 * No longer includes LEAP funding.
           2012-13 Funding Levels
Governor’s budget will be presented Feb. 9, 2012
                                   Office of Scholarships and Grants
                                      2009-10 – 2011-12 Comparison

 Program                                           2009-10              2010-11               2011-12

 Children of Veterans Tuition Grant (CVTG)         $1,000,000.00        $1,200,000.00         $1,200,000.00
 Survivors Tuition Grant (STG)
 Michigan Competitive Scholarship (MCS)            $16,000,864.00       $19,709,869.00        $18,361,700.00

 Michigan Tuition Grant (MTG)                      $31,664,700.00       $31,664,700.00        $31,664,700.00

 Tuition Incentive Program (TIP)                   $31,200,000.00       $37,400,000.00        $43,800,000.00

 Total Appropriation                               $79,865,564.00       $89,974,569.00        $95,026,400.00



All Michigan Competitive Scholarship amounts include funds from Federal LEAP/SLEAP programs for all
years except FY12. The federal government did not fund the program for FY12.
College Internship Program 2012
               Summer 2012
•Program Offers:
   ―Unpaid Internship
   ―Professional Work Experience
   ―Mentoring Opportunities

•Contact:  1-888-447-2687
  MSFAA C A T E 2012 - T O S A V E F O Plans
T H E E D U WinterD W A Y Michigan’s 529R C O L L E G E
Michigan’s Section 529 Plans
     First 529 Prepaid Tuition Plan implemented in 1988
     $848.5 million in assets & 96,090 Contracts (Sept. 2011)
     Actuarial Review & Annual Audit




      529 Direct-sold College Savings Plan started in 2000
      $2.6 billion in assets and 237,005 accounts (Dec. 2011)
      Treasury Review & Annual Audit




     529 Broker-sold College Savings Plan started in 2009
     $96.9 million in assets & 11,865 accounts (Dec. 2011)
     Treasury Review & Annual Audit
                                  Similarities and Differences
                                             SIMILARITIES
             MET                                                                    MESP
                                    Ø Both are Section 529 qualified 
Ø   Prepay tuition with three         tuition programs                   Ø   Investment savings
    contract options                Ø State income tax deductions            account with seven
                                    Ø Earnings are tax exempt for            investment options
Ø   Purchase credit hours, in         qualified withdrawals
    semester increments, at         Ø Low Cost, No Commissions           Ø   Use at any "eligible
    today's prices for future       Ø Transferable to immediate              educational institution"
                                      family members
    use                                                                      Save for all qualified
                                    Ø Fund with after tax dollars        Ø

Ø   Best benefit at Michigan        Ø Contribute with payroll                higher education
    public institutions for           deduction, ACH or coupons              expenses
                                    Ø Can be used separately or  
    tuition and mandatory             together ($235,000 max.)           Ø   Open an investment
    fees                            Ø Recognized as owner’s asset for        savings account with as
Ø   Refund amounts payable            financial aid purposes                 little as $25
                                    Ø Rollovers accepted from other 
    to in-state private or out-       529 programs                       Ø   One change in
    of-state institutions                                                    investment strategy
Ø   Purchase for Michigan                                                    every twelve months
    children – no age limit                                              Ø   No age or time limit to
Ø   15 years to use or refund                                                use funds
Ø   Forget about tuition
    increases, you are locked
    in
• 2012 Enrollment Period:
  – December 15, 2011 thru August 31, 2012
• New Customer Web – October 2011
• MET Charitable Tuition Program 
  – HB 4191 & HB 4629 (PA 134 &135 of 2009), provides 
    Michigan tax deduction for charitable donations to MET
  – MET Board authorized charitable donations to help foster 
    care students
• Community Enrollment Sessions
• New I-Phone App allow account owners access to 
  information & make contributions
• On-line withdrawal requests now automated so 
  account owner can request electronic deposit of 
  withdrawal amount
• New Joint Brochure
• Webinars
  – Webinar Schedule and Instructions at 
    www.SETwithMET.com
  – 2nd & 4th Tuesday every month @ 12 noon
• MET is on Facebook – MESP will be up soon
• HR 529, Savings Enhancement for Education in 
  College Act, if passed will:
   – Extend the SAVER’s tax credit to include savings in a 529 
     plan
   – Allow employers to match employees’ 529 plan 
     contributions up to $600 per year
   – Include computers & related equipment as a qualified 
     higher education expense on a permanent basis
   – Allow account rebalances up to four times per year on a 
     permanent basis
For More Information
                                                •   www.SETwithMET.com
                                                •   800-MET-4-KID
                                                •   (517) 335-4767
                                                •   8 AM to 5PM

                                                • www.misaves.com
                                                • 877-861-MESP
                                                   – 8 AM to 8 PM

Be sure to read the MET Contract Enrollment Booklet and/or the MESP Program Disclosure Booklet
 before investing, which are available on-line or from the Programs at the numbers listed above.
                   Student Loan Division

• Per Executive Order 2010-2, the Michigan Higher Education 
  Assistance Authority (MHEAA) and the Michigan Higher 
  Education Student Loan Authority (MHESLA) were 
  consolidated under the Michigan Finance Authority (MFA) 
  effective May 31, 2010.
• Joseph L. Fielek is the Executive Director of MFA.
• The Student Loan Division administers existing programs for 
  outstanding student loans and the operation of the 
  Michigan Guaranty Agency.
Student Loan Division – Michigan
Guaranty Agency

• Contact information for MFA-Michigan Guaranty 
  Agency (MGA) has not changed:
• Toll-free telephone number: 1-800-MGA-LOAN (1-
  800-642-5626)
• E-mail address:  mga@michigan.gov
• Web URL:   www.MGALOAN.com

MGA’s Collection Unit may be reached at extension 60600.
Student Loan Division – Existing Loans

• MHESLA is now known as MFA-Student Loan 
  Programs (SLP).  The MFA-Student Loan Programs’ 
  contact information is as follows:
• Toll-free telephone number: 1-888-643-7521
• E-mail address:  slp@michigan.gov
• Both Web URLs remain the same:  
  www.mistudentloans.com and 
  www.miloanprogram.com
     Office of Scholarships
          and Grants

• Verification Deadline
  – February 15, 2012
OSG Program and Contacts
•   TIP – Kathy Welch or Nancy Vaughn
•   CVTG – Kathy Welch
•   MNS – Nancy Vaughn
•   TCLI – Nancy Vaughn
•   GEAR UP (Programs 1-3) – Flora Boles
•   MCS/MTG – Anne Wohlfert
•   MISO System – Marion Seelman
•   STG – Carla Foltyn

              Call Toll Free 1-888-4-GRANTS
                     (1-888-447-2687)
Questions
   ?

				
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