Enacts Part 5, Tuition Grants for Graduates of the NC School of Science and Mathematics (NCSSM), to Article 23 of GS Chapter 116.
Establishes a mandatory tuition grant for resident graduates from the NCSSM who enroll as full-time students in a constituent institution of the UNC System, within the funds available.
Provides for grant administration by the Authority pursuant to guidelines and procedures consistent with its practices for administering State-funded financial aid. Details the required guidelines and procedures. Requires the Authority to receive proper certification from the appropriate eligible institution of higher education prior to approving grants. Provides for remittance to the appropriate eligible institution of higher education, and refund by the institution as specified. Provides for grant amounts to cover the tuition costs at the constituent institution in which the student is enrolled. Also provides for the reduction of grants if an eligible student receives a scholarship or grant covering the cost of attendance at the eligible institution of higher education for which the grant was awarded, as specified. Establishes first priority for students who received a tuition grant in the prior academic year for which they are applying and requires awarding grants in the order in which applications are received.
Establishes the NC Tuition Grant Reserve Fund (Reserve) to hold all monies appropriated to the Authority to provide the tuition grants, all returned tuition grant monies, and all interest earned, to be used for tuition grants for the academic year that begins in the fiscal year following the fiscal year in which the appropriation is made to to the Reserve, and up to 5% of the funds appropriated each fiscal year to cover the Authority's administrative costs.
Requires resident students who graduated from NCSSM at the end of the 2018-29 school year and were awarded a tuition grant for the 2019-20 academic year under Section 10A.5 of SL 2018-5 to have first priority in the award of tuition grants under GS 116-211, as enacted.
Appropriates from the General Fund to the Reserve for the 2020-21 fiscal year $2.5 million in recurring funds and $2.5 million in nonrecurring funds.
Effective July 1, 2019, and applies beginning with the award of tuition grants for the 2020-21 academic year.
Bill S 540 (2019-2020)Summary date: Apr 3 2019 - View summary