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2017 Session

Budget Amendments - HB1500 (Conference Report)

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SCHEV - Standardize Financial Aid Award Letters/Website Options (language only)

Item 144 #4c

Item 144 #4c

Education: Higher Education
State Council of Higher Education for Virginia

Language

Page 166, after line 7, insert:

"K. 1. The State Council of Higher Education for Virginia shall work with representatives of the higher education institutions receiving state financial aid or whose students receive tuition assistance grants and review the financial aid award letters utilized by these institutions by November 1, 2017.  During this review, the Council shall identify opportunities for improvement as well as best practices for, but not limited to, clarity and completeness of the information provided on gift aid as well as student's responsibility regarding student loans or work-study, student's ability to compare financial aid award packages among these institutions to make informed financial choices, and the conditions under which these awards or outstanding balance might change.

2. The Council shall then develop and implement award letter policies so that the following information is available to the student (1) a breakdown of the components of the institution's cost of attendance, designating billable charges; (2) a clear identification of each award, indicating the type of aid; (3) the use of standardized terminology consistent with the National Association of Student Financial Aid Administrators (NASFAA); and (4) whether awards are conditional and renewal requirement criteria information.

3. The Council shall report its findings and provide a status report on the implementation of the policy and process changes to the House Appropriations and Senate Finance Committees by December 1, 2018."



Explanation

(This language amendment requires the State Council of Higher Education for Virginia (SCHEV) to review financial aid award letters for institutions of higher education receiving state financial aid or whose students receive tuition assistance grants. SCHEV will develop and implement policies to improve financial aid information for students.)