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2010 Session

Budget Amendments - HB30 (Floor Approved)

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Financial aid methodology (language only)

Item 139 #1h

Item 139 #1h

Education: Higher Education
State Council of Higher Education for Virginia

Language
Page 106, after line 3, insert:
"M.1.  The State Council of Higher Education for Virginia shall determine funding requirements for student financial assistance using the following methodology:
a. The instructional cost of education for a student will be based on tuition, mandatory educational and general enrollment and course fees, and a book allowance.  The student life cost of education for a student will be based on mandatory non-E & G fees, actual on-campus room and board or an allowance not to exceed actual on campus room and board for students living off campus except for those students living with parents, and other actual expenses, not allowances, associated with their education.
b. All gift aid received by the student shall be allocated proportionally between the instructional cost and the student life cost of education determined in paragraph M.1.a.
c. Expected Family Contribution (EFC) shall be allocated proportionally between the instructional cost and the student life cost of education determined in paragraph M.1.a.
d. State financial aid shall not exceed tuition, mandatory educational and general enrollment and course fees, plus a book allowance less the proportional allocation of gift aid and EFC.
2. The State Council of Higher Education for Virginia shall communicate the results of this methodology to the Chairmen of the House Appropriations and Senate Finance Committees and the Director, Department of Planning and Budget, by September 1, 2010."


Explanation
(This amendment is self-explanatory.)