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Bureau of State and Authority Finance

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

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Bureau of State and Authority Finance

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  1. Bureau ofState and Authority Finance

  2. Office of Scholarships & GrantsAcademic Year 2011-12 Funding by Program * No longer includes LEAP funding.

  3. 2012-13 Funding Levels Governor’s budget will be presented Feb. 9, 2012

  4. Office of Scholarships and Grants 2009-10 – 2011-12 Comparison 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.

  5. College Internship Program 2012Summer 2012 • Program Offers: • Unpaid Internship • Professional Work Experience • Mentoring Opportunities • Contact: 1-888-447-2687

  6. MSFAA Winter 2012 - Michigan’s 529 Plans T H E E D U C A T E D W A Y T O S A V E F O R C O L L E G E

  7. 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 Michigan’s Section 529 Plans

  8. Similarities and Differences SIMILARITIES • Both are Section 529 qualified tuition programs • State income tax deductions • Earnings are tax exempt for qualified withdrawals • Low Cost, No Commissions • Transferable to immediate family members • Fund with after tax dollars • Contribute with payroll deduction, ACH or coupons • Can be used separately or together ($235,000 max.) • Recognized as owner’s asset for financial aid purposes • Rollovers accepted from other 529 programs MET • Prepay tuition with three contract options • Purchase credit hours, in semester increments, at today's prices for future use • Best benefit at Michigan public institutions for tuition and mandatory fees • Refund amounts payable to in-state private or out-of-state institutions • Purchase for Michigan children – no age limit • 15 years to use or refund • Forget about tuition increases, you are locked in MESP • Investment savings account with seven investment options • Use at any "eligible educational institution" • Save for all qualified higher education expenses • Open an investment savings account with as little as $25 • One change in investment strategy every twelve months • No age or time limit to use funds

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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.

  14. 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.

  15. 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.

  16. 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

  17. Office of Scholarships and Grants Verification Deadline February 15, 2012

  18. 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)

  19. Questions?

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