reglab/statecodes huggingface dataset:
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1551 - Definitions

Current through Vol. 24-12, July 15, 2024
Rule 1. As used in these rules:
(a) "Academic year" means that period
				beginning August 1 and ending by June of the following year for colleges with 8
				or 9-month calendars or August 1 to July 31 for colleges with 12-month
				calendars.
(b) "Act" means Act No.
				208 of the Public Acts of 1964, as amended, being S390.971 et seq. of the
				Michigan Compiled Laws.
(c)
				"Authority" means the Michigan higher education assistance authority.
(d) "Award" means a competitive scholarship
				award.
(e) "Class A high school,"
				"class B high school," "class C high school," or "class D high school" means a
				high school with enrollment classifications designated by the Michigan high
				school athletic association.
(f)
				"Default" means failure to comply with the terms of a loan guaranteed by the
				authority so that the authority finds it necessary to reimburse the original
				lending institution for the balance of the loan.
(g) "Full-time" means a student who is
				enrolled for 12 or more semester credit hours or equivalent in trimester or
				quarter hours or the equivalent of 24 semester hours or 36 quarter hours per
				academic year for institutions using credit hours to measure progress, but not
				using semester, trimester, or quarter hours.
(h) "Part-time" means a student who is
				enrolled for not less than 6, but not more than 11, semester credit hours,
				trimester hours, or equivalent in quarter hours or at least 1/2 the credit
				defined as full-time in subdivision (g) of this rule.
(i) "Parent" means the mother, father, mother
				and father, or adoptive parents.
(j) "Postsecondary institution" means either
				a Michigan postsecondary institution listed in the federal publication entitled
				"Postsecondary Institutions Eligible For The Pell Grants Program" or a Michigan
				postsecondary institution eligible to be listed in the publication entitled
				"Directory of Institutions of Higher Education," published by the Michigan
				department of education.
(k)
				"Renewal applicant" means an applicant for an award who received such an award
				for any enrollment period during the previous academic year.
(l) "Residual applicant" means an applicant
				who, for any reason, failed to receive monetary award assistance through this
				program during the previous academic year.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1553 - Applicant qualification; examination

Current through Vol. 24-12, July 15, 2024
Rule 3.
(1) An
				applicant is eligible for an undergraduate scholarship if he or she qualified
				on the Michigan competitive scholarship examination. The examination shall be
				administered on dates designated by the authority.
(2) The qualifying examination score shall be
				established annually by the authority.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1554 - Eligibility

Current through Vol. 24-12, July 15, 2024
Rule 4.
(1) An
				undergraduate applicant is eligible for an award when the authority finds that
				the applicant meets the requirements of sections 4 and 7 of the act and meets
				all of the following requirements:
(a) Has
				resided continuously in this state for the preceding 12 months and is not
				considered a resident of any other state. A student who is not a United States
				citizen shall be a holder of the I-151 or I-551 immigration identification card
				signifying permanent residency in the United States. A refugee who meets the
				12-month state residency requirement may be eligible for award
				consideration.
(b) Has graduated
				from a high school or meets 1 of the following requirements:
(i) Is a student in good standing in a high
				school and will graduate at the end of the academic year.
(ii) Is a high school student who completes
				all high school requirements before the student's class is scheduled to
				graduate and is recommended by the high school.
(iii) Is a high school dropout who does not
				have a high school diploma, whose class has graduated, and who is recommended
				by the college.
(iv) Is a high
				school dropout who does not yet have a high school diploma, whose class has not
				graduated, and who is recommended by the high school last attended.
(c) Has not defaulted on a loan
				guaranteed by the authority. Exceptions may be made if a defaulted borrower has
				made satisfactory repayment arrangements on the defaulted amount of the loan as
				determined by the authority.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1558 - Full- or part-time status

Current through Vol. 24-12, July 15, 2024
Rule 8.
(1) An
				applicant is eligible for a scholarship if the applicant is enrolled or
				accepted for enrollment as a full-time student.
(2) An applicant may be eligible for a
				competitive scholarship if enrolled or accepted for enrollment as a part-time
				student for at least half-time, but less than fulltime, credit.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1559 - Application deadline date

Current through Vol. 24-12, July 15, 2024
Rule 9. An applicant is guaranteed scholarship consideration
				  only if the applicant meets the deadline date established by the authority. An
				  applicant who submits application materials after the deadline date may be
				  considered if funds are available to assist students who submit late
				  materials.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1560 - Distribution of awards

Current through Vol. 24-12, July 15, 2024
Rule 10.
(1)
				Scholarship awards to high school seniors shall be distributed first by
				legislative district, which shall include not less than 3 awards for each of
				the representative and senatorial districts, if students qualify.
(2) Four scholarships shall be allotted to
				each class A high school, 3 to each class B high school, 2 to each class C high
				school, and 1 to each class D high school. Scholarships allotted to a high
				school shall be awarded to those students who have the highest competitive
				scholarship examination score and otherwise meet all eligibility
				requirements.
(3) The remaining
				scholarships shall be awarded statewide on a competitive basis in descending
				test score order.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1561 - Tuition and fees

Current through Vol. 24-12, July 15, 2024
Rule 11. Scholarship awards are to be used to defray the
				  costs of tuition and fees. Tuition and fee charges are defined as those charges
				  required of all students who enroll at an institution and which have been
				  promulgated in the catalog of the institution, and which are certified by the
				  institution prior to the scholarship recipient's enrollment. A deadline date is
				  set each year by the authority for receiving increases in tuition and fee
				  charges.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1562 - Payment of scholarship awards

Current through Vol. 24-12, July 15, 2024
Rule 12. A scholarship recipient shall receive the award from
				  the authority after certifying the name of the postsecondary institution in
				  which the recipient is enrolled. Payment of scholarship awards shall be
				  prorated and shall be forwarded to the postsecondary institution in which the
				  recipient is enrolled. Payment shall be issued only after the postsecondary
				  institution has certified that the student is still in good
				  standing.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1563a - Institutional eligibility

Current through Vol. 24-12, July 15, 2024
Rule 13a.
(1) The
				eligibility of a degree-granting institution for listing in "The Directory of
				Institutions of Higher Education," published by the Michigan department of
				education, is required to be eligible for participation in the state
				competitive scholarship program.
(2) Michigan nonprofit, non-degree-granting
				postsecondary institutions shall be listed in the federal publication
				"Postsecondary Institutions Eligible For The Pell Grants Program" to be
				eligible for participation in the state competitive scholarship program.
				Additionally, such institutions shall be approved by the state board of
				education or the appropriate state of Michigan licensing agency, if
				applicable.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1564 - Transfer of recipient to another eligible institution

Current through Vol. 24-12, July 15, 2024
Rule 14. A scholarship recipient who decides to transfer to
				  an eligible institution other than the one identified at the time of
				  application may do so at any time. Changes in college plans which require
				  receiving a larger state scholarship shall be honored to the extent that funds
				  are available. A scholarship award shall be decreased in amount if necessitated
				  by a reduced budget or reduced tuition and fee charges of the applicant's
				  revised institutional choice.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1565 - Release of award amounts to institution; dismissal or withdrawal of recipient from institution

Current through Vol. 24-12, July 15, 2024
Rule 15.
(1) A
				scholarship recipient shall release scholarship award amounts to the
				institution in order that the institution concerned may refund any allowable
				amount directly to the authority if the student withdraws from
				college.
(2) A scholarship
				recipient who is dismissed or leaves a postsecondary institution before
				completion of a full enrollment period and who is not eligible for a
				postsecondary institution refund does not have to repay to the authority the
				amount of the scholarship award which was issued for that enrollment
				period.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1567 - Reinstatement and relinquishment of awards

Current through Vol. 24-12, July 15, 2024
Rule 17.
(1) A
				scholarship recipient who ceases to be enrolled at least half-time may request
				an award reinstatement upon returning to school during the same academic year
				for which the award was granted. The scholarship reinstatement is dependent
				upon the availability of funds and the continuing eligibility of the
				recipient.
(2) A scholarship
				recipient who relinquishes the award for any reason and does not return to
				school during the academic year for which the award was granted shall reapply
				to receive consideration for future academic years.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1568 - Renewal awards

Current through Vol. 24-12, July 15, 2024
Rule 18. Upon application by the student awarded a
				  scholarship during the previous academic year, a scholarship shall be renewed
				  by the authority without further examination if the applicant remains eligible
				  and is in compliance with these rules. To be eligible for a renewal award, an
				  applicant shall maintain a 2.0 cumulative average, which is equivalent to a
				  cumulative C average, and maintain satisfactory academic progress. Each
				  applicant shall submit the application materials which are required by the
				  authority.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1570 - Amount of renewal awards

Current through Vol. 24-12, July 15, 2024
Rule 20. A scholarship recipient who is eligible for a
				  renewal scholarship may receive an amount that is more or less than the amount
				  received during the previous year depending upon financial need, but the amount
				  shall not be more than the maximum award for that academic year. In addition,
				  the renewal scholarship recipient shall not receive less than the amount
				  received during the previous year, unless the family financial circumstances or
				  the applicant's financial circumstances have appreciably changed, according to
				  a financial statement approved by the authority, or if the student transfers to
				  a less expensive eligible postsecondary institution.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Competitive Scholarship Program › Section R. 390.1571 - Recipient rosters; institution reports

Current through Vol. 24-12, July 15, 2024
Rule 21.
(1) Each
				postsecondary institution which has accepted scholarship recipients for
				enrollment shall be furnished a roster of recipients who indicated their intent
				to enroll at that institution. The institution shall certify that the
				scholarship recipient has actually enrolled at least half-time before
				disbursing the enrollment period payment. A duplicate copy of the roster shall
				be forwarded with the original and shall be used by the institution to indicate
				whether a scholarship recipient enrolled at least half-time. A copy of the
				completed roster shall be returned to the authority.
(2) Near the end of the academic year, each
				institution accepting scholarship recipients shall receive a roster mailed by
				the authority. The institution shall certify eligibility of renewal candidates
				and shall identify students who have achieved less than a 2.0 cumulative
				academic average and students who have not maintained satisfactory academic
				progress. Any recipient who has a cumulative academic average less than a 2.0
				or who does not maintain satisfactory academic progress, as reported by the
				institution of latest attendance, is not eligible for a renewal award, but may
				become eligible as a residual applicant upon certification by the institution
				that the student has achieved a cumulative 2.0 average and is meeting the
				satisfactory academic progress requirement.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1601 - Definitions; A, E

Current through Vol. 24-12, July 15, 2024
Rule 1.
(1) As used
				in these rules:
(a) "Authority" means the
				Michigan higher education student loan authority created by section 3 of 1975
				PA 222, MCL 390.1153.
(b) "Eligible
				borrower" means a student or parent who meets the criteria of the authority and
				the secretary for eligibility.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1602 - Definitions; G to S

Current through Vol. 24-12, July 15, 2024
Rule 2. As used in these rules:
(a) "Guaranty agency" means the Michigan
				higher education assistance authority or any entity which is approved by the
				authority and guarantees student loans under the higher education act of 1965,
				or other federal law, and has entered into an agreement with the secretary for
				reinsurance of its guarantees of student loans.
(b) "Participating lender" means a lending
				institution, which has entered into an agreement with the guaranty
				agency.
(c) "Secretary" means the
				United States secretary of education or a designee of the secretary.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1603 - Nondiscrimination

Current through Vol. 24-12, July 15, 2024
Rule 3. Loans are available to all eligible borrowers without
				  regard to race, color, sex, creed, religion, disability, sexual orientation,
				  national origin, age, or marital status.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1604 - Documents; records

Current through Vol. 24-12, July 15, 2024
Rule 4.
(1) The
				authority shall obtain the required information and documentation from the
				applicant, eligible institution, and/or current loan holder, as
				appropriate.
(2) The authority
				shall maintain records necessary for the administration of the loan programs
				and as required by the secretary.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1605 - Eligibility of applicants

Current through Vol. 24-12, July 15, 2024
Rule 5. A person shall meet all of the following requirements
				  to be eligible for a loan:
(a)
				Complete and submit all application forms and documentation required by the
				authority.
(b) Provide information
				necessary to assure qualification for applicable federal interest
				benefits.
(c) Meet all of the
				requirements of the secretary.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1606 - Procedures; loan denial

Current through Vol. 24-12, July 15, 2024
Rule 6.
(1) The
				authority shall develop and maintain procedures necessary to carry out
				applicable provisions of Title IV, part B, of the higher education act of 1965,
				and the regulations therefor, and as may be required in the exercise of
				reasonable care and diligence in the making and collection of loans. If the
				authority determines that there is sufficient evidence to indicate that the
				applicant will not exercise reasonable diligence in completing repayment of a
				loan, the loan request may be denied. In determining that sufficient evidence
				for denial exists, the authority shall use such ethical methods and practices
				as are acceptable and proven in the collection of credit information in the
				commercial banking community.
(2)
				Evidence that indicates the applicant will not exercise reasonable diligence in
				completing repayment of a loan may include, but is not limited to, any of the
				following:
(a) Defaults on previous
				debts.
(b) Bankruptcy.
(c) Repossessions of tangible properties for
				reason of nonpayment.
(d) Excessive
				and existing indebtedness beyond present and anticipated means of
				payment.
(e) Incarceration for a
				felony.
(f) Physical or mental
				disability in a degree that employment and repayment may not reasonably be
				expected.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1607 - Amount and terms of loan

Current through Vol. 24-12, July 15, 2024
Rule 7.
(1) The
				annual maximum loan shall not exceed the maximum prescribed by the
				secretary.
(2) The maximum
				aggregate outstanding principal balance of loans shall not exceed the maximum
				as prescribed by the secretary.
(3)
				Each loan shall be evidenced by a promissory note and shall bear interest at a
				rate designated by the secretary.
(4) Terms and conditions for repayment of a
				loan shall be established by the authority in accordance with regulations of
				the secretary.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1609 - Fund disbursement

Current through Vol. 24-12, July 15, 2024
Rule 9.
(1)
				Disbursement shall be made in accordance with the requirements of the
				secretary.
(2) A loan shall be
				declared due and payable immediately if a student does not attend school for
				the loan period for which the loan is disbursed.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1610 - Interest benefit requirement

Current through Vol. 24-12, July 15, 2024
Rule 10. All loans initiated by the authority shall be
				  eligible for applicable federal interest benefits as prescribed by the higher
				  education act of 1965,
				  20 U.S.C. §
										1070 et seq.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Federal Family Education Loan Program (FFELP) › Section R. 390.1611 - Delegation of authority

Current through Vol. 24-12, July 15, 2024
Rule 11.
(1) The
				executive director of the authority shall have authority and responsibility for
				administration of the loan programs as prescribed in these rules, Michigan
				statutes, and applicable federal laws and regulations.
(2) The executive director's authority shall
				include, but not be limited to, all of the following:
(a) Issuance of public information relative
				to the programs.
(b) Design of
				necessary forms.
(c) Prescription
				of application procedures.
(d)
				Prescription of procedures and terms for the collection and repayment of loans,
				including the purchase of other individual loans for consolidation
				purposes.
(e) Prescription of
				terms, conditions, and agreements with participating lenders for purposes of a
				secondary market activity.
(f)
				Approval or disapproval of loan applications.
(g) Establishment of policies and practices
				deemed necessary for the effective administration of the loan programs as
				prescribed by law and by these rules.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1621 - Definitions; A to D

Current through Vol. 24-12, July 15, 2024
Rule 1. As used in these rules:
(a) "Academic year" means a period of not
				less than 7 months that represents the traditional academic year.
(b) "Application fee" means a nonrefundable
				fee which is established by the authority and which is paid by the borrower to
				the authority at the time an application is submitted.
(c) "Application period" means the period of
				time designated by the authority during which applications may be submitted for
				processing.
(d) "Authority" means
				the Michigan higher education student loan authority as authorized by 1975 PA
				222, MCL 390.1151 et seq.
(e)
				"Bankruptcy" means a judicial action in which a person is declared insolvent
				and in which the individual's assets, if any, are taken under court
				administration.
(f) "Borrower"
				means a student or parent.
(g)
				"Cosigner" means a parent, legal guardian, or other responsible individual who
				is jointly and separately responsible for payment of the loan. Two persons may
				be cosigners if they reside in the same household and jointly meet the credit
				standards. A cosigner shall meet all of the following conditions:
(i) Be not less than 18 years of
				age.
(ii) Meet the credit
				standards.
(iii) Not be currently
				in default on federal or state educational loans.
(iv) Be a United States citizen or a
				permanent resident.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1622 - Definitions; E, F

Current through Vol. 24-12, July 15, 2024
Rule 2. As used in these rules:
(a) "Eligible school" means a degree-granting
				college or university that is located in this state and that is approved by the
				state board of education and by the United States secretary of education for
				purposes of the federal family education loan program.
(b) "Estimated financial aid" means the
				estimated amount of assistance for which the borrower may be eligible,
				excluding loans under section 428B(a) of the higher education act of 1965, as
				amended,
				20 U.S.C.
				§1078-2, relating to parent loans, and
				subpart I of part D of title VII of the public health service act of 1944, as
				amended,
				42 U.S.C.
				§294 et seq., relating to training in
				certain health professions.
(c)
				"Forbearance" means a delay in the repayment of principal or principal and
				interest for a period of time as authorized by the authority.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1623 - Definitions; I to T

Current through Vol. 24-12, July 15, 2024
Rule 3. As used in these rules:
(a) "Interest" means the percentage of an
				amount of money that is paid for its use for a specified time.
(b) "Loan" means loans authorized under
				section 4a of 1975 PA 222, MCL 390.1154a.
(c) "Loan period" means a period of time the
				student expects to be enrolled and for which loan assistance is being
				requested. A loan period shall not be more than 12 months.
(d) "Michigan resident" means a person who is
				accepted for enrollment or enrolled in an eligible school located in this state
				or a person whose primary residence is in this state.
(e) "Promissory note" means a note which is
				developed by the authority, which cites the terms and conditions of a loan, and
				which identifies the responsibilities of the borrower and cosigner or
				cosigners.
(f) "Reserve fee" means
				a fee as established by the authority and paid by the borrower to the authority
				to establish a reserve.
(g) "School
				student loan eligibility criteria" means a school evaluation process
				established by the authority, which may include the following:
(i) Graduation rate.
(ii) Federal cohort default rate.
(iii) Borrower credit readiness.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1624 - Terms defined in Act No.222 of 1975

Current through Vol. 24-12, July 15, 2024
n Act No. 222 of 1975.
Rule 4. Terms defined in Act No. 222 of the Public Acts of
				  1975, as amended, being S390.1151 et seq. of the Michigan Compiled Laws, have
				  the same meanings when used in these rules.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1626 - Eligibility for loans

Current through Vol. 24-12, July 15, 2024
Rule 6. To be eligible for a loan, all of the following
				  requirements shall be met:
(a) A
				borrower or the student shall be a Michigan resident.
(b) The student shall have been accepted for
				enrollment or shall be currently in attendance at an eligible school and be
				making satisfactory academic progress as determined by the eligible
				school.
(c) A borrower shall have
				submitted an application during the application period authorized by the
				authority.
(d) A borrower shall be
				a United States citizen or permanent resident.
(e) A borrower shall be not less than 18
				years old or an emancipated minor, pursuant to the provisions of section 4 of
				1968 PA 293, MCL 722.4.
(f) One of
				the following loan criteria shall be met:
(1)
				A borrower or cosigner or cosigners shall meet the credit standards.
(2) The eligible school and borrower shall
				meet specific student loan eligibility criteria as determined by the
				authority.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1628 - Loan; information and documentation; written credit denial

Current through Vol. 24-12, July 15, 2024
Rule 8.
(1) The
				authority shall obtain the required information and documentation from the
				applicant and from the school and shall assess borrower eligibility.
(2) If an applicant does not qualify for a
				loan, the authority shall issue a written credit denial within 30 days of the
				date that all materials were available for assessment.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1629 - Loan terms

Current through Vol. 24-12, July 15, 2024
Rule 9.
(1) Loans
				made to eligible borrowers are subject to all of the following conditions:
(a) The minimum loan amount shall not be less
				than the amount established by the authority.
(b) The maximum loan amount per academic year
				is the student's cost of attendance minus estimated financial aid and shall not
				be more than the annual amount established by the authority.
(c) A cumulative outstanding maximum amount
				to any 1 borrower shall not be more than the amount established by the
				authority.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1630 - Loan disbursement

Current through Vol. 24-12, July 15, 2024
Rule 10.
(1) Loan
				proceeds shall not be disbursed more than 1 month before the start of the loan
				period as specified on the application.
(2) Loans may be disbursed after the loan
				period has expired if authorized by the authority.
(3) The interest and reserve fee, if
				applicable, shall be refunded if the disbursed funds are returned to the
				authority within 30 days of the date of the disbursement.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1631 - Repayment terms

Current through Vol. 24-12, July 15, 2024
Rule 11.
(1)
				Repayment of the loan shall begin within 60 days of the date that the loan is
				disbursed.
(2) The minimum payment
				of $50.00 shall be paid by the borrower or cosigner or cosigners each
				month.
(3) The authority may grant
				forbearance of principal or principal and interest payments to the borrower or
				cosigner or cosigners in accordance with conditions established by the
				authority.
(4) The authority may
				offer graduated repayments or a modified repayment schedule if the repayment
				schedule is not in violation of the provisions of subrule (7) of this
				rule.
(5) The authority may assess
				a late charge, which shall not be more than 6 cents for each dollar of each
				late installment, for a payment that is delinquent for more than 10
				days.
(6) There shall be no penalty
				for prepayment of a loan.
(7) A
				loan shall be repaid in full within the time established by the
				authority.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1632 - Authority responsibilities for loan collection

Current through Vol. 24-12, July 15, 2024
Rule 12.
(1) The
				authority shall be responsible for the collection of the loan.
(2) The authority shall make periodic reports
				on the borrower and cosigner or cosigners to 1 or more national credit
				bureaus.
(3) The authority may
				accelerate payment of the loan and demand payment in full of all outstanding
				principal, accrued interest, and late charges if either of the following
				conditions occurs:
(a) A borrower and cosigner
				or cosigners default.
(b) A
				borrower or cosigner or cosigners provided false information to obtain the
				loan.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1633 - Default

Current through Vol. 24-12, July 15, 2024
Rule 13.
(1) If a
				borrower and a cosigner or cosigners do not comply with the provisions of the
				promissory note for a period of 120 days or more, then the loan shall be
				declared in default.
(2) Collection
				costs incurred by the authority in the collection of defaulted loans may be
				charged to the account of a defaulted borrower and cosigner or
				cosigners.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1634 - Death of student; effect

Current through Vol. 24-12, July 15, 2024
Rule 14.
(1) The
				balance on a loan shall be canceled upon the death of the student. The
				authority shall not attempt to collect on the loan after the authority has
				received a death certificate or other official notification confirming the
				student's death.
(2) Payments
				received after the date of the student's death shall be returned to the
				sender.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1635 - Total and permanent disability of student; effect

Current through Vol. 24-12, July 15, 2024
Rule 15.
(1) If a
				student is determined to be totally and permanently disabled, then the
				remaining loan balance shall be canceled.
(2) The student or another party shall
				provide documentation of the total and permanent disability which is
				satisfactory to the authority.
(3)
				A student is not considered totally and permanently disabled on the basis of a
				condition that existed before he or she applied for the loan, unless the
				student's condition has substantially deteriorated since submission of the loan
				application so as to render the student totally and permanently
				disabled.
(4) The authority shall
				cease collection on a loan after the authority determines that the student is
				totally and permanently disabled.
(5) Payments paid after the date the student
				became totally and permanently disabled shall be returned to the
				sender.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Alternative Student Loan Program › Section R. 390.1636 - Bankruptcy; effect

Current through Vol. 24-12, July 15, 2024
Rule 16.
(1) If the
				authority receives a notice of the first meeting of creditors from a bankruptcy
				court for a borrower and cosigner or cosigners, then the authority shall
				proceed as follows:
(a) The authority shall
				file proof of claim with the bankruptcy court, unless advised otherwise by the
				court.
(b) If, after the bankruptcy
				has been concluded, the authority is notified by the bankruptcy court that the
				loan has been discharged, then the authority shall report the bankruptcy to the
				credit bureau.
(c) If a payment
				plan is ordered by the bankruptcy court, then the bankruptcy will be reported
				to the credit bureau, and the authority will proceed through its collector to
				collect the payments as ordered by the court. Upon conclusion of the payment
				plan, the authority shall proceed through its collector to collect the
				remaining outstanding balance.
(d)
				If the loan is not discharged, then the authority shall establish the next
				payment date within 60 days. Payment shall be subject to the full force of the
				terms and conditions of the promissory note.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1651 - Definitions

Current through Vol. 24-12, July 15, 2024
Rule 1.
(1) As used
				in these rules:
(a) "Academic period" means
				an average of 600 or more instructional minutes per credit hour on a quarter
				schedule and 800 or more instructional minutes per credit hour on a semester
				schedule or as otherwise prescribed by the legislature.
(b) "Academic year" means 2 semesters or 3
				terms or quarters beginning after August 1 each year.
(c) "Act" means Act No. 105 of the Public
				Acts of 1978, as amended, being S390.1271 et seq. of the Michigan Compiled
				Laws.
(d) "Award" means a
				differential grant.
(e) "Default"
				means failure to comply with the terms of a loan guaranteed by the authority so
				that the authority finds it necessary to reimburse the original lending
				institution for the balance of the loan.
(f) "Full-time" means a student enrolled for
				12 or more semester credit hours or equivalent in trimester or quarter hours or
				the equivalent of 24 semester hours or 36 quarter hours per academic year for
				institutions using credit hours to measure progress, but not using semester,
				trimester, or quarter hours.
(g)
				"Independent nonprofit college or university" means a Michigan degree-granting
				independent college or university listed in the "Directory of Michigan
				Institutions of Higher Education," published by the Michigan department of
				education.
(h) "Part-time" means a
				student enrolled for not less than 6, but not more than 11, semester credit
				hours, trimester, or equivalent in quarter hours or at least 1/2 the credit
				defined as full-time in subdivision (f) of this rule.
(i) "Refugee" means a person who holds an
				I-94 immigration identification card with the word "refugee" either typed or
				stamped on it.
(j) "Tuition and
				fees" means that amount established by the higher education assistance
				authority for use in determining awards under Act No. 208 of the Public Acts of
				1964, as amended, and Act No. 313 of the Public Acts of 1966, as amended, being
				S390.971 et seq. and S390.991 et seq. of the Michigan Compiled Laws.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1652 - Instructional programs and credits; eligibility

Current through Vol. 24-12, July 15, 2024
Rule 2.
(1) To be
				eligible, a student shall be enrolled in an associate degree program or a
				baccalaureate degree program.
(2)
				Credits applicable to a high school diploma or general education development
				certificate shall not be considered when determining student grant
				eligibility.
(3) Credits by
				examination and life experience credits shall not be considered when
				determining student grant eligibility.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1653 - College enrollment required for eligibility; additional assistance

Current through Vol. 24-12, July 15, 2024
Rule 3.
(1) To be
				eligible for an award, a student shall enroll as a freshman, sophomore, junior,
				or senior after July 31, 1981.
(2)
				A student who has received a baccalaureate degree may be eligible for
				additional assistance if the total assistance received does not exceed the
				longevity limit specified in
				R
				390.1654 and if the student meets all eligibility
				requirements.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1654 - Eligibility; duration

Current through Vol. 24-12, July 15, 2024
Rule 4. A student is not eligible for a grant for more than
				  10 semesters of full-time undergraduate education or its equivalent. An
				  applicant shall reapply yearly for renewal of this grant.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1655 - Institutional certification requirements

Current through Vol. 24-12, July 15, 2024
Rule 5. An institution shall certify the eligibility of each
				  grant applicant enrolled at the institution. Provisions for certification shall
				  be as follows:
(a) Each applicant
				shall be enrolled as an undergraduate.
(b) Student enrollment status shall be
				determined at the time of the enrollment count date. The enrollment count date
				is 1/10 of the total number of class days in the academic period, plus or minus
				5 class days, excluding Saturday or Sunday.
(c) Each enrollment period the institution
				shall certify that each applicant is enrolled in an eligible program of
				study.
(d) Each enrollment period
				the institution shall certify, consistent with institutional records, that each
				applicant has been a Michigan resident for the preceding 12 months and has not
				claimed residency in any other state during that time. A student who is a
				Michigan resident, but who is not a United States citizen, shall be a holder of
				the I-151 or I-551 immigration identification card signifying permanent
				residency in the United States. A refugee who meets the state residency
				requirement specified in this subdivision may be eligible for award
				consideration.
(e) A student who
				has failed to sign and file an application/contract with the institution shall
				not be reported as an eligible student.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1656 - Amount of award

Current through Vol. 24-12, July 15, 2024
Rule 6.
(1) An award
				for a full-time recipient shall be the amount established by the legislature
				annually.
(2) An award for a
				part-time recipient shall be the amount established by the legislature
				annually.
(3) An award to an
				undergraduate student who attends an institution both full-time and part-time
				for separate enrollment periods during the same academic year shall be
				prorated.
(4) In the event the
				annual appropriation proves insufficient to award all eligible students at the
				maximum established by the legislature, the authority shall prorate awards
				based upon available funding.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1657 - Payment of awards

Current through Vol. 24-12, July 15, 2024
Rule 7. Award payments shall be sent to each institution each
				  enrollment period on behalf of the recipients for that enrollment period.
				  Payment shall be made after the required certification is forwarded by the
				  institution to the authority.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1658 - Other awards

Current through Vol. 24-12, July 15, 2024
Rule 8.
(1) If a
				student receives other tuition awards or tuition waivers covering full tuition
				and fees that are specifically designated for that purpose, the student is
				ineligible for a differential grant.
(2) A student holding a partial tuition award
				or tuition waiver is eligible for an award under the act in an amount that does
				not exceed the difference between the other tuition award and the actual cost
				of tuition and fees.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1659 - Refunds; institution reimbursement of state for overpayment

Current through Vol. 24-12, July 15, 2024
Rule 9.
(1) If a
				student withdraws from an institution during the institutionally established
				refund period after receiving an award payment, a refund is due the authority.
				The amount shall be based upon the percentage of established tuition and fees
				paid by the award.
(2)
				Participating institutions shall be held liable for any state overpayment due
				to incorrect college certification of a student and shall fully reimburse the
				state for any overpayment.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Differential Grant Program › Section R. 390.1660 - Loan default; basis for grant denial; exception

Current through Vol. 24-12, July 15, 2024
Rule 10. A grant shall be denied if an applicant has
				  defaulted on a loan guaranteed by the authority. Exception may be made if a
				  defaulted borrower has made satisfactory repayment arrangements on the
				  defaulted amount of the loan as determined by the authority.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Work-Study Undergraduate Program › Section R. 390.1702 - Program administration; activities

Current through Vol. 24-12, July 15, 2024
Rule 2. The authority shall administer the MWS program in
				  conjunction with recognized postsecondary schools. Participating schools shall
				  be responsible for all of the following activities:
(a) Signing and maintaining MWS employer
				agreements.
(b) Selecting eligible
				student recipients.
(c) Awarding
				MWS funds to eligible students.
(d)
				Monitoring employment hours and MWS program matching requirements and payroll
				distribution.
(e) Reporting MWS
				expenditures and related data to the authority on a timely basis.
(f) Refunding unused MWS funds to the
				authority promptly at the end of each fiscal year.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Work-Study Undergraduate Program › Section R. 390.1703 - Eligible schools

Current through Vol. 24-12, July 15, 2024
Rule 3.
(1)
				Recognized postsecondary schools shall be eligible to receive MWS funds and
				make student awards under the MWS program.
(2) Eligible postsecondary schools shall
				notify the authority not later than February 1 preceding the fiscal year of
				funding if they choose not to participate in the MWS program.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Work-Study Undergraduate Program › Section R. 390.1704 - Eligible students

Current through Vol. 24-12, July 15, 2024
Rule 4. Recognized postsecondary schools participating in the
				  MWS program may make awards to students who meet all of the following
				  criteria:
(a) Are Michigan residents
				and not considered residents of any other state.
(b) Are not currently incarcerated in a
				correctional facility.
(c) Are
				enrolled, or accepted for enrollment, in a recognized postsecondary school on
				at least a half-time basis.
(d) Are
				enrolled, or accepted for enrollment, in an undergraduate program of
				study.
(e) Are not enrolled in a
				program of study which leads to a degree in theology or divinity.
(f) Are determined by the recognized
				postsecondary school to financially need the MWS awards to help meet
				educational expenses.
(g) Are
				United States citizens or permanent residents.
(h) Are not in default on a loan guaranteed
				by the authority. Exceptions may be made if a defaulted borrower has made
				satisfactory repayment arrangements on the defaulted amount of the loan as
				determined by the authority.
(i)
				Are making satisfactory academic progress as determined by the recognized
				postsecondary school of enrollment.
Michigan Administrative Code › Department - Treasury › Student Financial Services Bureau › Michigan Work-Study Undergraduate Program › Section R. 390.1705 - Eligible employers

Current through Vol. 24-12, July 15, 2024
Rule 5.
(1)
				Recognized postsecondary schools may enter into written MWS employment
				agreements with nonprofit employers who meet all of the following criteria:
(a) Provide not less than 20% of the wages
				earned by each MWS student placed.
(b) Do not use MWS recipients to displace
				employed workers.
(c) Do not employ
				MWS recipients to construct, operate, or maintain facilities of sectarian
				instruction or religious worship.
(d) Do not employ MWS recipients in
				activities espousing a particular political or moral position as defined by the
				recognized postsecondary school.
(e) Do not pay MWS recipients at a rate less
				than the prevailing federal minimum wage.
(f) Enter into a signed written agreement
				with the recognized postsecondary school to provide such employment for
				students recommended by the school.
(g) Recognized postsecondary schools
				employing MWS students on campus will be considered nonprofit employers for
				purposes of these rules.