Higher education: financial aid; Michigan achievement scholarship; provide for. Creates new act. TIE BAR WITH: HB 4956'25

HB 4955 creates the Michigan Achievement Scholarship, a new financial aid program for Michigan residents attending eligible community colleges, public universities, or private nonprofit institutions. It provides "last-dollar" scholarship assistance, covering tuition and fees not covered by other grants or scholarships (like federal Pell Grants), and includes a tuition-free community college pathway. To qualify, students must be Michigan residents, enroll full-time at an eligible school, meet income thresholds (student aid index of 30,000 or less), maintain academic progress, and apply for all available gift aid first. The program directly affects undergraduate students seeking affordable higher education in Michigan, aiming to reduce out-of-pocket costs for those with financial need.