S.B. No. 2995 introduces a new section, 56.0094, to the Education Code, focusing on the issue of financial aid displacement at public institutions of higher education in Texas. The bill defines key terms such as "coordinating board" and "gift aid," and mandates the Texas Higher Education Coordinating Board to create a financial aid displacement advisory. This advisory will inform students about how their financial aid may be affected by receiving private scholarships and will include a clear statement regarding financial aid displacement, as well as a list of common reasons for potential reductions in gift aid.

Additionally, the bill requires each institution of higher education to incorporate the financial aid displacement advisory into their admission application forms. This includes providing information on how to apply for gift aid, timelines for financial aid processes, recommendations for maximizing gift aid, and contact information for assistance. The provisions of this bill will take effect starting with the 2025-2026 academic year, and it will be implemented through rules adopted by the coordinating board.

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