Transcript Bureau of State and Authority Finance

Bureau of
State and Authority Finance
Deputy Treasurer
Bureau of State and Authority Finance
Joseph Fielek
Executive Director
Natalie Kiefer
Lynette Witgen
Executive Secretaries
Michigan Education Trust
Robin Lott
Director
Authority Finance Division
John Barton
Acting Director
Student Loan Division
Mary Martin
Acting Director
State Finance Division
Mike Krause
Acting Director
Scholarships and Grants
Anne Wohlfert
Director
Office of Scholarships & Grants
Academic Year 2011-12 Funding by Program
State Programs
Tip
Federal Programs
$43,800,000.00
MTG
31,664,700.00
MCS*
18,361,700.00
CVTG and STP
GEAR UP Michigan and
GEAR UP College Day
$1,500,000.00
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)
Survivors Tuition Grant (STG)
$1,000,000.00
$1,200,000.00
$1,200,000.00
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
TH
E E D UWinter
C A T E D2012
WAY
T O S A V E 529
F O RPlans
COLLEGE
MSFAA
- Michigan’s
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
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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 outof-state institutions
Purchase for Michigan
children – no age limit
15 years to use or refund
Forget about tuition
increases, you are locked
in
 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
MESP
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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
• 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
•
•
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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 (1800-642-5626)
• E-mail address: [email protected]
• 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: [email protected]
• 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
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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
?