LANSING, Mich., Aug. 25, 2023 — State Reps. Phil Skaggs (D-East Grand Rapids) and Will Snyder (D-Muskegon) introduced House Bills 4933 and 4934 today. The bills would provide grants in the form of a tax credit to those who work and live in Michigan to provide financial assistance with paying off burdensome student loans.

“Michigan is a net exporter of talent. We are losing our recent college graduates due to high student loan debt,” Skaggs said. “We need to be more competitive if as a state we are going to deal with stagnant population growth. This legislation will not only help us keep our college graduates but also attract talent from other states.”

The Make it in Michigan Grant tax credit would allow those who choose to reside in Michigan after the completion of a postsecondary degree at a four-year college or university to receive a tax credit to pay off up to 50% of their student loans for the cost of tuition. The Make it in Michigan Grant program would also encourage individuals to finish their degree. In Michigan, the average graduation rate at our colleges and universities is just over 50%. By offering the promise of having half of tuition loans paid back, the program not only incentivizes people to stay in Michigan but stay here with a completed degree, boosting Michigan’s talent pool even more.

“We must attract and retain talented people in Michigan. This will require a multi-pronged approach,” Snyder said. “We should make Michigan a talent magnet by rewarding out of state young people for moving and staying here. This would be a major boost towards our goals of strong population growth. Providing assurance that you can pay for your degree once you’ve finished would be a major incentive for young people to make Michigan home once they graduate.”