2015 Session

Budget Amendments - SB800 (Floor Approved)

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SCHEV - Student Financial Assistance Programs Flexibilty Language (language only)

Item 142 #1s

Item 142 #1s

Education: Higher Education
State Council of Higher Education for Virginia

Page 147, line 11, after "A." insert "1.".
Page 147, after line 12, insert:  
"2. The State Council of Higher Education for Virginia may transfer funds from one program to another program within this Item under the following conditions: (i) funds are not moved from a program unless it is assured that all eligible priority students will receive a full award; (ii) the transfer of funds is necessary to ensure an award or to avoid a reduced award for all qualified priority students in the receiving program; and (iii)  programs with a financial need component are prioritized over programs that do not require financial need."

(This amendment would provide language to allow the State Council of Higher Education for Virginia (SCHEV) to transfer surplus funds from one financial assistance program to another experiencing a projected deficit. SCHEV administers a number of financial aid programs and while funding is sufficient in most years, there are occasions when a deficit is realized in one or more programs. This authorization will mitigate the need to reduce or withhold awards. Under the proposed language, no funds would be transferred from a program until all priority students have received a full award based upon beginning-of-the-year projections. Secondly, if multiple programs are running a deficit, need-based programs would be prioritized so that they are fully funded before non-need based programs receive additional funding.)