Menu
2023 Session

Budget Amendments - SB800 (Committee Approved)

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.)