Concerning the modification of the requirement for the fiscal year 2021-22 that the annual appropriations for student financial assistance for higher education increase by at least the same percentage as the aggregate percentage increase of all general fund appropriations to institutions of higher education.
2021 Regular Session
Joint Budget Committee. The bill modifies the requirement for the 2021-22 fiscal year that the annual appropriations for the higher education student financial assistance program increase by at least the same percentage as the aggregate percentage increase of all general fund appropriations to institutions of higher education. The bill clarifies that this standard increase will not apply to appropriations for the 2021-22 fiscal year for increases in funding for the institutions of higher education that restore aggregate general fund appropriations to a level at or below the level of such appropriations for the 2019-20 fiscal year. Furthermore, for the 2021-22 fiscal year, the standard formula will be calculated based on 2020-21 fiscal year financial aid appropriations during the 2020 legislative session and does not include supplemental appropriations for financial aid during the 2021 legislative session. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)