The proposed Substitute Bill No. 5 aims 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 based on the student aid index starting July 1, 2024. It also establishes a structured process for fund disbursement based on student enrollment and requires annual reporting of enrollment data.

Additionally, the bill imposes new responsibilities on institutions regarding the reporting of eligible students, with non-compliance resulting in a ban from the scholarship program for the following fiscal year. It modifies the timeline for returning unallocated funds from May to April and removes provisions that allowed institutions to maintain grant amounts despite changes in federal qualifications. The bill designates financial aid under this program as grants from the Roberta B. Willis Scholarship program and emphasizes accountability through biennial audits by independent certified public accountants. Institutions not in substantial compliance will lose funding until they rectify their status. The act 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: