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  • Summary date: May 6 2024 - View Summary

    Expands the eligibility requirements for a NC need-based college scholarship (Scholarship) under GS 116-209.81 to allow persons who are dependents in a household with an adjusted gross income in the most recent taxable year of $100,000 or less to also be eligible for the scholarship. (Currently, just applies federal need-based methodology to determine eligibility based on the student’s FAFSA.) Makes organizational changes. 

    Requires that the Scholarship’s payment schedule required by GS 116-209.83 ensures that students who receive Pell Grant assistance along with the Scholarship receive at least $4,000 per year combined if the student is enrolled in community college and at least $6,000 per year combined if the student is enrolled at a UNC constituent institution.  

    Amends the Scholarship administration and reporting requirements in GS 116-209.84 to require the State Education Assistance Authority (Authority) to regularly conduct public awareness campaigns about the Scholarship program and to reach out to private entities to encourage them to donate to the Scholarship program. Amends GS 116-209.85 (Scholarship reserve fund) to include funds received by the institution as private gifts as part of the reserve. 

    Applies beginning with the award of scholarships in the 2025-2026 fiscal year.

    Specifies that for applications for financial aid for the 2024-2025 academic year, the UNC BOG and the State Board of Community Colleges must ensure that all FAFSA forms submitted to a constituent institution or community college by June 15, 2024, receive priority consideration.

    Appropriates $124 million from the General Fund to the UNC BOG in recurring funds for the 2024-2025 fiscal year to be allocated to the Authority to implement the expansion of the Scholarship. Effective July 1, 2024.