AN ACT TO ESTABLISH THE TUITION GRANT FOR GRADUATES OF THE NORTH CAROLINA SCHOOL OF SCIENCE AND MATHEMATICS PROGRAM.
Enacts Part 6, Tuition Grants for Graduates of the NC School of Science and Mathematics (NCSSM), to Article 23 of GS Chapter 116.
Establishes the Tuition Grant for Graduates of NCSSM Program (Program) to provide for a 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 for the Program, beginning with the 2020-21 school year.
Provides for grant administration by the State Education Assistance Authority (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 for the student's first academic year. 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. Requires available funds to be divided between eligible students pro rata in the event the Program has insufficient funds for each eligible student to receive the full tuition grant for that academic year.
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 the Reserve, and up to 5 percent of the funds appropriated each fiscal year to cover the Authority's administrative costs.
Appropriates from the General Fund to the Reserve for the 2020-21 fiscal year $1 million in recurring funds for the award of grants.
Provides that if H 966 (2019 Appropriations Act) becomes law, then Section 8A.2 of the act and the provision of the Committee Report described in Section 42.2 are repealed.
Effective July 1, 2020, and applies beginning with the award of tuition grants for the 2021-22 academic year.
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