~ Fact Sheet ~
•
HB
1681 - signed by the Governor
http://leg1.state.va.us/cgi-bin/legp504.exe?071+sum+HB1681
•
$1.8
million already set aside in anticipation of these students.
Effective Date:
The language becomes effective as of
“…beginning with the first-time
entering freshman class of the fall 2007 academic year…”
THEREFORE: No awards are available until first-time
entering freshman as of - or following – the fall 2007 term complete their
Associate’s degree and meet the remainder of the eligibility criteria. Most of the eligible awardees will enter a
four-year institution in the fall of 2009 though there may be early completers
sometime during the 2008-09 award year.
Eligible
student must:
•
Be
a first-time entering freshman no earlier than fall 2007
•
Be
an undergraduate in-state student
•
Meet
selective service requirements
•
Have
received an Associate’s degree at a
•
Have
cumulative GPA of 3.0 on a scale of 4.0 for the Associate’s degree
•
Enroll
into a
•
Enroll
into a degree program not for religious training or theological education
•
Have
applied for financial aid
•
Have
financial need: defined as a federally calculated EFC of 8,000, or less
Award
Amount
•
Awarded
to students enrolled at a participating four-year institution
•
Maximum
annual standard award is $1,000
•
Additional
$1,000 for students enrolled in engineering, mathematics, nursing, teaching, or
science
•
Reduced
only if it results in an over award (total financial assistance is greater than
the student’s Cost of Attendance)
Renewal
Criteria and Limitations
•
Limited
to three years or 70 credit hours
•
Continued
eligibility based on college GPA of 3.0 on a 4.0 scale and continued financial
need (maximum EFC of 8,000)
•
Must
maintain satisfactory academic progress
Process
Regulation process will begin summer 2007 using
representatives from two-year public, four-year public, and four-year private
non-profit institutions. Issues not yet
addressed include:
•
How
to handle dual enrollment, AP, and summer courses for students beginning in
fall 2007
•
Amount
of award if student is enrolled less than full time
•
Administrative
process