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2018 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Vogel
SCHEV - Study for Income Repayment and Income Share Plans (language only)

Item 141 #4s

Item 141 #4s

Education
State Council of Higher Education for Virginia

Language

Page 154, after line 11, insert:

"K.  The State Council of Higher Education for Virginia, in consultation with public institutions of higher education in the Commonwealth, shall establish a work group for the purpose of conducting a comprehensive evaluation of the effectiveness of income share agreements and income repayment plans as forms of financial aid for students at public institutions of higher education in the Commonwealth.  In conducting such evaluation, the work group shall (i) identify income share agreements and income repayment plans used in other states and evaluate their effectiveness; (ii) evaluate and weigh the potential benefits and detriments or risks of implementing income share agreements and income repayment plans; (iii) evaluate the relationship between income share agreements and income repayment plans and other forms of financial aid; and (iv) identify and recommend for implementation best practices for establishing income share agreements and and income repayment plans at public institutions of higher education in the Commonwealth.    The Council shall submit a report of the work group's activities and any of its findings or recommendations to the Chairmen of the House Appropriations Committee, the Senate Finance Committee, the House Education Committee, and the Senate Education and Health Committee by November 1, 2018.".



Explanation

(This language amendment directs the State Council of Higher Education for Virginia to establish a workgroup with Virginia's public colleges and universities to identify and evaluate income share and income repayment plans as a form of financial aid. The Council is to report the findings of the evaluation and any recommendations by November 1, 2018 to the relevant Senate and House Committees.)