This bill proposes several updates to current statutes regarding financial aid in Arizona. It introduces a new surcharge of $300 on tuition for non-resident students, with the collected funds directed to the newly established Arizona higher education financial aid program fund. The Arizona Board of Regents is tasked with creating this program, which will include application and evaluation procedures for students seeking financial aid. The fund will consist of legislative appropriations and the surcharge revenues, with the Board authorized to retain a small percentage for administrative costs.

Additionally, the bill outlines eligibility criteria for students to receive aid from the fund, including residency requirements, enrollment in an eligible institution, and maintaining a minimum GPA of 2.0. Starting in 2026, the Board will distribute funds to cover the full tuition and fees for qualifying students, with provisions for a first-come, first-served distribution if funds are insufficient. The bill also includes an appropriation of $500,000 from the state general fund for the program in the fiscal year 2025-2026, exempting this appropriation from lapsing provisions.

Statutes affected:
Introduced Version: 15-1642.01, 15-1706, 35-146, 35-147