MI Future Educator Programs Payment Updates
We are excited to announce, payments for the MI Future Educator Fellowship are now actively being processed for both the Fall and Spring semester(s).
Beginning the week of February 13, 2023, we will begin processing the MI Future Educator Stipend for both the Fall and Spring semester(s).
Payments for the MI Future Educator Programs will be issued as needed on a weekly basis. Please continue to move your students through the award process as you are able.
We know your students are anxiously awaiting their awards and appreciate your understanding as we worked through the development of these two new programs.
Next Steps: MI Fellowship
For a student to be included in a payment, the financial aid office must complete the following steps:
- Log into MiSSG to complete the ‘Confirmation of Eligibility.’ This will generate a Commitment to Teach in Michigan Agreement (CTMA), which will be sent immediately to approved students for their e-signature. After the student completes and signs the CTMA, their record will appear on the institution’s Reimbursement Roster.
- Review and complete Reimbursement Requests for Fall and Spring.
- Note: As students complete and sign their CTMA, additional students will continue to appear on your Reimbursement Roster. It is critical you continue to check your roster regularly for students to be included in payment.
- Continue to monitor your Payment Roster to verify the payment amount issued and which students are included.
Next Steps: MI Stipend
For a student to be included in a payment, the financial aid office must complete the following steps:
- Log into MiSSG to review and complete Certification Rosters for Fall and Spring.
- Note: As students submit their approved Stipend Verification Form, additional students will continue to appear on the institution’s Certification Roster. It is critical the Financial Aid Office continues to check their roster regularly for students to be included in payment.
- Payments are expected to be processed weekly (or as needed). The Financial Aid Office should monitor their Payment Roster to verify the payment amount issued and which students are included.
- Note: As a reminder, students who are attending a private institution will have their MI Stipend payment issued to the School District they are completing their student teaching. The School District is responsible for remitting payment to the institution within two weeks of receipt. When the Financial Aid Office accesses their Payment Roster, a column will display listing the School District where the payment will be issued from.
Taxability and IRS 1099 Form
The MI Future Educator Stipend is a taxable source of income, therefore; an IRS 1099 Form must be issued to all recipients. Institutions will need to issue an IRS 1099 Form for the 2023 tax year to all MI Future Educator Stipend recipients.
The stipend may be non-taxable if funds are used for tuition, fees, and/or books, and supplies required for courses. If funds are spent on non-taxable expenses, students are encouraged to maintain sufficient evidence that the award was used for these non-taxable purposes.
- Note: Students may wish to consult with a tax advisor regarding their potential tax consequences of receiving the award.
Available Resources
|
