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2005 SESSION

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056928740
SENATE BILL NO. 757 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Senate Committee on Education and Health)  (Patron Prior to Substitute-Senator Houck) Senate Amendments in [ ] -- February 4, 2005 A BILL to amend the Code of Virginia by adding in Chapter 4 of Title 23 an article numbered 4.1, consisting of sections numbered 23-38.19:6, 23-38.19:7, and 23-38.19:8, relating to the Student Financial Security Fund.

Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding in Chapter 4 of Title 23 an article numbered 4.1, consisting of sections numbered 23-38.19:6, 23-38.19:7, and 23-38.19:8, as follows:

Article 4.1. Student Financial Security Program and Fund.

§ 23-38.19:6. Student Financial Security Program.

There is hereby created the Student Financial Security Program. The Program shall provide state-funded need-based financial aid to undergraduate students attending two- and four-year public institutions of higher education in the Commonwealth in order to ensure need neutrality. For the purposes of this article, need neutrality shall be defined as the relationship between student financial aid and tuition wherein additional financial aid appropriations equal financial need created by expected tuition increases. The expected tuition increase is based on the increases in non-general fund appropriation for each institution of higher education in the Appropriations Act. Student financial need shall be determined by a need analysis system approved by the Council.

§ 23-38.19:7. Student Financial Security Fund created.

A. Funds for the Student Financial Security Program shall be included in each institution's appropriation for undergraduate student financial assistance authorized pursuant to Chapters 5 through 16 of Title 23.

B. Appropriations shall be made to each public two- and four-year institution of higher education in an amount to ensure need neutrality at that institution [ , subject to appropriation ] .

§ 23-38.19:8. Guidelines.

The State Council of Higher Education shall annually determine the amount necessary to ensure need neutrality.