2007 House Bill 4851

House Roll Call 188: Passed

To give the Michigan higher education student loan authority the authority to transfer money to the Michigan merit award trust fund. Unlike money controlled by the authority directly, there is no restriction on the legislature using money in the merit award fund (which is a “trust” fund in name only) for any other purpose. The bill is part of an agreement to avoid spending cuts in the current fiscal year budget by borrowing up to $410 million, plus another $80 to $90 million from the student loan authority, which is itself borrowed money.

101 Yeas / 5 Nays
Democrat (55 Yeas / 0 Nays)
Republican (46 Yeas / 5 Nays)
Excused or Not Voting (4)