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2006 SESSION

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061016740
SENATE BILL NO. 94 Senate Amendments in [ ] -- February 3, 2006 A BILL to amend the Code of Virginia by adding in Chapter 4.1 of Title 23 an article numbered 4, consisting of sections numbered 23-38.19:6, 23-38.19:7, and 23-38.19:8, relating to the Student Financial Security Act. ---------- Patrons Prior to Engrossment--Senators Houck and Reynolds ---------- Referred to Committee on Education and Health ----------

Be it enacted by the General Assembly of Virginia:

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

Article 4. Student Financial Security Act.

§ 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 appropriation act. Student financial need shall be determined by a need analysis system approved by the Council.

§ 23-38.19:7.  Student Financial Security Program; appropriation.

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 this title.

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 the appropriations, each public two- and four-year institution of higher education shall receive an amount to ensure need neutrality at the relevant institution. ]

§ 23-38.19:8. Guidelines.

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

 [ 2. That the provisions of this act shall not become effective unless an appropriation of general funds effectuating the purposes of this act is included in the general appropriations act passed by the 2006 Session of the General Assembly, which becomes law. ]