The proposed Substitute Bill No. 5 seeks to improve the affordability and accountability of higher education in Connecticut by establishing the Roberta B. Willis Scholarship program, which will provide need-based financial aid to eligible students at public and independent institutions. Key changes include replacing the term "family contribution" with "student aid index" for determining financial aid eligibility, and introducing new definitions for "eligible student," "independent institution of higher education," and "public institution of higher education." The bill outlines specific allocations for various types of grants, including need and merit-based grants, and mandates that the Office of Higher Education will assess financial need using the student aid index starting July 1, 2024. Institutions must use the funds exclusively for direct financial assistance for eligible educational costs.

Additionally, the bill imposes new administrative requirements on institutions, including the submission of information about eligible students to the Office of Higher Education, with penalties for non-compliance. It modifies existing deadlines, changing the return of unallocated funds from May to April, and removes provisions that allowed institutions to maintain grant amounts based on initial qualifications from the Free Application for Federal Student Aid, even if those qualifications changed. The act emphasizes accountability in the use of public funds and establishes compliance reviews for participating institutions, with penalties for those not in substantial compliance. The bill is set to take effect on July 1, 2025.

Statutes affected:
Committee Bill:
HED Joint Favorable Substitute:
File No. 164:
APP Joint Favorable:
FIN Joint Favorable: