Financial Aid (language only)

Item 4-14.00 #2h

Language
Page 570, after line 31, insert:
"6.  That § 23-38.53:6 of the Code of Virginia is amended and reenacted as follows:
§ 23-38.53:6. Eligible students; criteria for awarding grants; amount; priority; renewals.
A. Only students who (i) are domiciled residents of Virginia as defined by § 23-7.4 and who are graduates of a high school in the Commonwealth with a cumulative secondary school grade point average of at least 2.5 on a scale of 4.0 or its equivalent ,  or (ii)  are dependent children of active duty military personnel residing outside the Commonwealth pursuant to military orders and claiming Virginia on their State of Legal Residence Certificate and satisfying the domicile requirements for such active duty military personnel pursuant to subsection B of § 23-7.4 ,  and who are graduates of a high school inside or outside the Commonwealth with a cumulative secondary school grade point average of at least 2.5 on a scale of 4.0 or its equivalent ,  and who (iii)  (ii) (a)  are accepted for enrollment as dependent students in any public institution of higher education in Virginia,  and (iv)  (b)  are not receiving state discretionary aid , including a Virginia Common  w  ealth Award,  and  (c) demonstrate financial need as defined by the State Council of Higher Education for Virginia  shall be eligible to receive such awards.
B. The amount of the Guaranteed Assistance Program grant awarded students shall be determined annually by the State Council of Higher Education. Eligibility for such awards shall be determined according to the Congressional methodology for determining financial need and eligibility for financial aid.  Each eligible student shall receive such an award from the institution's appropriations for undergraduate student financial assistance before grants are awarded to students with equivalent remaining need.
C. Each eligible student shall receive an award in an amount greater than other grants awarded to students with equivalent remaining need.
D. Beginning with first-time students enrolled in the fall semester in  2016  , each eligible student shall receive an award in an amount greater than the award of each eligible student with equivalent remaining need in the next-lowest class level.
E. The amount of each award shall vary according to each student's remaining need and the total of tuition, fees, and other necessary charges, including books. The actual amount of each award shall be determined by the proportionate award schedule adopted by each institution.
C.  F. All grants shall be awarded for one year, but may be renewed annually for no more than three subsequent years of study  and students shall not receive subsequent awards until they have satisfied the requirements to move to the next class level. Each recipient may receive a maximum of one year of support per class level for a maximum total of four years of support at a four-year institution and a maximum total of two years of support at a two-year institution, provided that in no case shall a recipient receive more than a combined total of four years of support,  if the recipient:
1. Maintains at least a 2.0 grade point average on a scale of 4.0 or its equivalent;
2. Demonstrates continued financial need;
3. Makes satisfactory academic progress toward a degree , earning not less than the minimum number of hours of credit required for full-time standing in each academic period during enrollment at a public institution of higher education in Virginia ; and
4. Maintains continuous enrollment for not less than two semesters or three quarters in each successive academic year, unless granted an exception for cause by the State Council of Higher Education for Virginia."

Explanation
(This amendment makes several changes to the Virginia Guaranteed Assistance Program (Program), including adding requirements that (i) each student eligible for the Program receive an award from the institution's appropriations for undergraduate student financial assistance before grants are awarded to students with equivalent remaining need, (ii) each eligible student receive an award in an amount greater than other grants awarded to students with equivalent remaining need, (iii) each eligible student receive a Program award in an amount greater than the award of each eligible student with equivalent remaining need in the next-lowest class level, and (iv) each Program award be determined by a proportionate award schedule adopted by each institution and vary according to each student's remaining need and the total of tuition, fees, and other necessary charges, including books.)