1998 Session

Budget Amendments - HB30 (Committee Approved)

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Financial Aid

Item 547 #8h

Item 547 #8h

First Year - FY1999 Second Year - FY2000
Central Appropriations
Central Appropriations FY1999 $1,206,240 FY2000 $5,611,021 GF

Page 321, line 48, strike "$23,214,200" and insert "$24,420,440".
Page 321, line 48, strike "$21,975,000" and insert "$27,586,021".
Page 323, after line 40, insert:
"I.  This appropriation includes $1,206,240 the first year and $5,611,021 the second year from the general fund for distribution by the State Council of Higher Education to the need-based resident undergraduate financial assistance programs of the public institutions of higher education.  The General Assembly's objective for financial assistance is to meet 50 percent of remaining need of eligible students.  The State Council in the first year and the second year shall distribute, consistent with this objective, the total of the financial aid appropriations of the public institutions according to latest available student information.)

(This amendment increases in the first year financial aid for needy Virginia undergraduates at the public institutions of higher education by 50 percent over the increase proposed in House Bill 30, as introduced. In the second year, sufficient funding is provided to bring financial aid to 35 percent of the unmet need of needy resident undergraduate students, based upon most recent demographic data of the student population.)