Michigan § 390.957 - Powers of authority.
Full text of Michigan Michigan Compiled Laws § 390.957 — Powers of authority., with citation guidance and answers to common questions.
§ 390.957. Powers of authority.
The authority may:
Guarantee 100% of the principal and interest of a loan of money, upon the terms and conditions as it prescribes, to a person attending or accepted to attend an eligible postsecondary educational institution to assist the person in meeting his or her expenses of postsecondary education incurred in any academic year or to a parent of a person who meets the requirements for a loan as determined by the authority.
Take, hold, and administer real, personal, or mixed property and money, or any interest in property or money, and the income from the property, either absolutely or in trust, for a purpose of this act. The authority may acquire property for this purpose by purchase or lease and by the acceptance of gifts, grants, bequests, devises, money, or loans. An obligation incurred under this act shall not be a debt of the state.
Enter into contracts with an eligible lender or with a public or private postsecondary educational institution, upon the terms as may be agreed upon between the authority and an institution, to provide for the administration by an institution of a loan, or guarantee of a loan, made by the authority, including applications for a loan and repayment of a loan.
Competitively contract for services, including consulting services as needed to carry out the purposes of this act.
Enter into an agreement with a group life insurance carrier to insure each person receiving a guaranteed loan under the program.
Require a person receiving a guaranteed loan to remit a fee which may include the payment of a group life insurance premium.
Receive state appropriations for the guaranty fund of the loan program to be used to match deposits and to accept contributions received by the authority for this purpose.
Administer a state scholarship program according to the law and rules promulgated by the authority.
Administer an undergraduate scholar awards program according to the law and rules promulgated by the authority.
Receive funds from the federal government to assist in implementing federally supported programs administered under this act.
Administer an incentive awards program according to rules promulgated by the authority.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 390.957
What does Michigan Compiled Laws § 390.957 cover?
Section 390.957 ("Powers of authority.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 390.957?
A common citation format is "Michigan Compiled Laws § 390.957" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 390.957 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.