SOUTHFIELD, Mich. (FOX 2) - On Tuesday, Michigan Governor Gretchen Whitmer signed a bipartisan bill into law that will make college more affordable for students by providing thousands of dollars.

Whitmer signed the MI New Economy bill that will make thousands of dollars available to Michigan high school graduates planning to further their education.

"The MI new Economy vision focuses on fundamentals; with goals to lift 100,000 families out of work in poverty," Whitmer said.

The governor signed the bill at Lawrence Technical Institute in Southfield.

Under the MI New Economy, students can receive a scholarship to achieve the 60 by '30 goal: 60% of those over 25 years of age to earn a post-secondary degree or skill by 2030.

"This scholarship is going to apply to all of the graduates from our high schools starting next year. So this will open up doors on financial barriers real for so many people, and this will help us level that barrier so more people can pursue skills," Whitmer said.

Starting in 2023, qualifying high school graduates can get up to $2,750 for community college, $4,000 for private college, or $5,500 for a public university.