Sec. 1. As used in this act: (a) "Authority" means the Michigan higher education assistance authority created by Act No. 77 of the Public Acts of 1960, being sections 390.951 to 390.961 of the Michigan Compiled Laws. (b) "Financial need" means need as determined by the institution based upon a need analysis standard established by the authority. Such standard shall take into consideration the student's current annual income and exclude his or her home equity. (c) "Independent student" means an independent student as defined in 34 C.F.R. 668.1a. (d) "Part-time" means not less than 3 semester hours and not more than 11 semester hours per semester, or the equivalent for a quarter or term. History: 1986, Act 102, Imd. Eff. May 14, 1986 Compiler's Notes: For transfer of powers and duties of Michigan higher education assistance authority to department of treasury, see E.R.O. No. 2010-2, compiled at MCL 12.194.For the transfer of the powers and duties for the administration of certain scholarship and grant programs from the office of postsecondary financial planning within the department of treasury to the director of MiLEAP, see E.R.O. No. 2023-2, compiled at MCL 388.1283.
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