The act creates the financial assistance program for students experiencing homelessness (program) in the department of higher education (department). Beginning in the 2024-25 academic year, the act requires all Colorado public institutions of higher education (institutions) to provide financial assistance to a Colorado resident student (qualifying student) who is between the ages of 17 and 26 and who has experienced homelessness in the state at any time during high school. The institutions shall provide financial assistance to cover the remaining balance of the qualifying student's total cost of attendance in excess of the amount of any private, state, or federal financial assistance the student receives. Subject to available appropriations, the act requires the Colorado commission on higher education to provide institutions money to cover 50% of the remaining balance of financial assistance for qualifying students.
The institutions are required to designate an employee to serve as a liaison to qualifying and prospective qualifying students. The institutions shall notify qualifying students of their eligibility for remaining balance financial assistance.
The act requires the department to add one employee as a navigator to provide guidance to prospective qualifying students when selecting institutions and completing applications for admission and financial aid. The act requires the department to enter into a data-sharing agreement with the department of education in order to identify prospective qualifying students.
The act clarifies student eligibility to participate in the foster youth financial assistance program.
The act appropriates $1,668,381 from the general fund to the department for aid for students who experienced homelessness during high school. The act appropriates $26,055 from the general fund to the department of education for the homeless student scholarship program.
APPROVED by Governor April 29, 2024
EFFECTIVE April 29, 2024(Note: This summary applies to this bill as enacted.)

Statutes affected:
Final Act (04/24/2024): 22-33-103.5