1999 Session

Budget Amendments - HB1450 (Committee Approved)

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Increase in Financial Aid

Item 550 #4h

Item 550 #4h

First Year - FY1999 Second Year - FY2000
Central Appropriations
Central Appropriations FY1999 $0 FY2000 $5,989,806 GF

Page 435, line 10, strike "$3,838,715" and insert "$9,828,521".
Page 436, line 33, strike "C" and insert "D".
  Page 436, after line 42, insert:
"E.  The need-based financial aid appropriations for in-state undergraduates at the public institutions of higher education  shall be increased by $5,989,806 in the second year and shall be distributed by the State Council of Higher Education according to the State Council's need-based methodology."

(This amendment increases the need-based financial aid appropriations of the public institutions by about $6.0 million in fiscal year 2000. With the additional funding, state appropriations would cover about 45 percent of the financial aid need of eligible students. The Commonwealth's objective has been to cover 50 percent of financial aid need.)