Maintain Affordable Access - Financial Aid
Item 255.5 #2s
Item 255.5 #2s | First Year - FY2023 | Second Year - FY2024 | |
Education: Higher Education |
Maintain Affordable Access | FY2023 $0 | FY2024 $75,000,000 | GF |
Language
"A. Out of this appropriation, $75,000,000 the second year from the general fund is provided to support need-based undergraduate financial aid at public colleges and universities. These funds also are intended to reduce the amount of tuition revenue from in-state undergraduate students that institutions use for financial aid, grants, and scholarships.
B. Of the amount allocated for undergraduate need-based financial aid in the second year in this item and as part of the institutions budgets, up to five percent may be used for emergency assistance programs for students facing a financial emergency that puts them at risk of dropping out. The Council shall establish reporting guidelines and approve criteria for making student awards.
C. Funds shall be ongoing and shall be incorporated into the institutions' base budget for the next biennium. The Department of Planning and Budget shall transfer the allocations to the appropriate higher education student financial assistance account as follows:
Institutions | Total Amount |
Christopher Newport University | $ 615,000 |
College of William and Mary | $ 440,000 |
George Mason University | $ 15,270,000 |
James Madison University | $ 3,500,000 |
Longwood University | $ 1,020,000 |
Norfolk State University | $ 4,340,000 |
Old Dominion University | $ 11,820,000 |
Radford University | $ 5,530,000 |
University of Mary Washington | $ 1,020,000 |
University of Virginia | $ 1,660,000 |
UVA-Wise | $ 880,000 |
Virginia Commonwealth University | $ 6,920,000 |
Virginia Military Institute | $ 150,000 |
Virginia State University | $ 3,030,000 |
Virginia Polytechnic Institute and State University | $ 3,750,000 |
Richard Bland College | $ 335,000 |
Virginia Community College System | $ 14,720,000 |
Total | $ 75,000,000 |
Explanation
(This amendment is provided to support increased affordability for low- and middle-income students and provide emergency aid consistent with the recent JLARC recommendations.)