Item 230 | First Year - FY2023 | Second Year - FY2024 |
|---|---|---|
| Higher Education Student Financial Assistance (10800) | $25,360,848 | $28,894,248 |
| Scholarships (10810) | FY2023 $24,829,589 | FY2024 $28,296,889 |
| Fellowships (10820) | FY2023 $531,259 | FY2024 $597,359 |
| Fund Sources: | ||
| General | FY2023 $18,763,821 | FY2024 $22,297,221 |
| Higher Education Operating | FY2023 $6,597,027 | FY2024 $6,597,027 |
Authority: Title 23.1, Chapter 27, Code of Virginia.
A. Up to 15 percent of the funding in this item may be used to support Virginia Guaranteed Assistance Program eligible students for (1) priority funding who are enrolled in Data Science and Technology, Science and Engineering, Healthcare and Education programs and (2) as a grant for students in innovative internship programs provided that the institutions has at least one private sector partner and the grant is matched equally by the partner with non-state funding and / or the institution from private funds.
B. 1. Out of this appropriation up to $7,222,765 the first year and $7,222,765 the second year from the general fund is provided for an affordability pilot program to offer financial assistance to Virginia students who are Pell grant eligible, meet university admissions requirements, and live within a 45 mile radius of the university. The program is designed to address regional needs relating to access and completion. Funds shall be used to provide last dollar or reduced tuition and fees to students for up to 150 percent of required credits to complete a certificate or degree. Priority shall be placed on students from Matoaca, Petersburg, and Colonial Heights high schools, and remaining funds may be used for room and board if available. It is the intention that the program may ramp up to 300 students total at any one time by fiscal year 2024. In the first and second year, in the event that financial aid remains available after recruiting new students for fall semester, the remaining financial aid may be used to fund current students who meet the criteria and/or for eligible new students that enroll in the spring semester.
2. As part of the six-year plan process, the university shall submit an annual report of the program that includes number of students served, average financial need of students, total expenditures, average award per student, retention and completion rates, other student outcomes as defined by the university, and planned outcomes for the upcoming year.