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ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1994 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 23-38.53:4, 23-38.53:5, and 23-38.53:6 of the Code of Virginia are amended and reenacted as follows:
§ 23-38.53:4. State Council of Higher Education to administer; promulgation of regulations.
There is hereby created the Virginia Guaranteed Assistance Program for the
purpose of decreasing the drop out rate of students in grades six through
twelve, increasing the graduation rates of financially needy students, and
providing to provide financial assistance to such
eligible students for the costs of attending a public institution of
higher education in Virginia. The Program shall be administered
cooperatively by the State Council of Higher Education and the Board of
Education. The Council and the Board shall promulgate such regulations as
may be necessary for the implementation of the Program. For the purposes of
this chapter, a student shall have been identified as financially needy
pursuant to § 22.1-212.4 and shall have participated in the Program prior to
graduation from a public school in the Commonwealth. Funds may be paid
to any public institution of higher education on behalf of students who have
been awarded financial assistance pursuant to § 23-38.53:6. The
Council shall promulgate regulations for the implementation of the provisions
of this chapter.
§ 23-38.53:5. Virginia Guaranteed Assistance Fund created.
A. There is hereby created in the Department of the Treasury a
special nonreverting fund which shall be known as the Virginia Guaranteed
Assistance Fund. The Virginia Guaranteed Assistance Fund shall be
established on the books of the Comptroller, and any funds remaining in such
Fund at the end of the biennium each fiscal year shall not
revert to the general fund but shall remain in the Fund. Interest earned on
such funds shall remain in the Fund and be credited to it. Funds may be paid
to any public institution of higher education on behalf of students who have
been awarded financial assistance pursuant to the provisions of § 23-38.53:7.
On and after July 1, 1995, any funds remaining in the Fund shall be
credited to the account of the State Council of Higher Education.
B. The Department of the Treasury shall administer and manage the Virginia Guaranteed Assistance Fund, subject to the authority of the State Council of Higher Education to provide for its disbursement, from such funds as are appropriated for this purpose and from such gifts, donations, grants, bequests, and other funds as may be received on its behalf. The Fund shall be disbursed for the purpose of making grants to be determined by the use of a needs analysis methodology approved by the Council. The first such awards shall be made after July 1, 1994. The Council shall award such grants to students who are enrolled in or accepted for enrollment in any public institution of higher education in Virginia.
§ 23-38.53:6. Eligible students; criteria for awarding grants; renewals.
A. The State Council of Higher Education and the Board of Education shall
develop by July 1, 1993, a statewide program to decrease the drop out rate of
students in grades six through twelve, increase the graduation rate of
financially needy students, and provide financial assistance to such students
for the costs of attending a public institution of higher education in
Virginia. Only students who (i) are domiciled residents of Virginia as
defined by § 23-7.4, (ii) are graduates of a high school in the Commonwealth
with a cumulative secondary school grade point average of at least 2.5 on a
scale of 4.0 or its equivalent, (iii) are accepted for enrollment as
dependent students in any public institution of higher education in Virginia,
and (iv) are not receiving state discretionary aid and demonstrate financial
need as defined by the State Council of Higher Education shall be eligible to
receive such awards.
B. The Department of the Treasury shall administer and manage the
Virginia Guaranteed Assistance Fund, subject to the authority of the State
Council of Higher Education to provide for its disbursement, from such funds
as are appropriated for this purpose and from such gifts, donations, grants,
bequests, and other funds as may be received on its behalf. The Fund shall
be disbursed for the purpose of making grants to be determined by the use of
a needs analysis methodology approved by the Council. The first such awards
shall be made after July 1, 1994. The Council shall award such grants to
students who are enrolled in or accepted for enrollment in any public
institution of higher education in Virginia. The amount of each grant
awarded to a qualifying student shall be used only for payment of charges for
tuition, fees, room and board, and to cover the costs of books, supplies, or
other educational expenses as may be approved by the State Council of Higher
Education.
The amount of the Guaranteed Assistance Program grant awarded students shall be determined annually by the State Council of Higher Education. Eligibility for such awards shall be determined according to the Congressional methodology for determining financial need and eligibility for financial aid.
C. All grants shall be awarded for one year, but may be renewed annually for no more than three subsequent years of study if the recipient:
1. Maintains at least a 2.0 grade point average on a scale of 4.0 or its equivalent;
2. Demonstrates continued financial need;
3. Makes satisfactory academic progress toward a degree, earning not less than the minimum number of hours of credit required for full-time standing in each academic period during enrollment at a public institution of higher education in Virginia; and
4. Maintains continuous enrollment for not less than two semesters or three quarters in each successive academic year, unless granted an exception for cause by the State Council of Higher Education.
2. That §§ 22.1-212.3, 22.1-212.4, and 23-38.53:7 of the Code of Virginia are repealed.