CODING: Words stricken are deletions; words underlined are additions.House Bill 1327
Florida House of Representatives - 1997 HB 1327
By Representative Gay
1 A bill to be entitled
2 An act relating to postsecondary education;
3 creating s. 240.4027, F.S.; establishing the
4 Florida Supplemental Student Grant and Loan
5 Program; providing for administration and
6 rules; providing for student eligibility;
7 providing for amount of awards; providing for
8 student charges to fund the program; providing
9 for deposit and investment of funds;
10 authorizing refund of student charges;
11 requiring the adoption of loan repayment
12 schedules; providing an effective date.
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14 Be It Enacted by the Legislature of the State of Florida:
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16 Section 1. Section 240.4027, Florida Statutes, is
17 created to read:
18 240.4027 Florida Supplemental Student Grant and Loan
19 Program.--
20 (1) There is established the Florida Supplemental
21 Student Grant and Loan Program to be administered by the
22 Department of Education in accordance with rules of the State
23 Board of Education.
24 (2)(a) Student grants or loans through the program may
25 be made to students who meet the general requirements for
26 student eligibility as provided in s. 240.404, except as
27 otherwise provided in this section. Such grants or loans
28 shall be awarded annually on a need basis in the amount of
29 $500 per student. A recipient of a grant or award must have
30 been accepted at a state university or community college.
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Florida House of Representatives - 1997 HB 1327
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1 (b) A student applying for a grant or loan shall be
2 required to apply for the Pell Grant. The Pell Grant
3 entitlement must be considered by the department when
4 conducting an assessment of the financial resources available
5 to each student.
6 (c) The criteria and procedure for establishing
7 standards of eligibility shall be determined by the
8 department. The department is directed to establish a rating
9 system upon which to base the approval of grants or loans, and
10 such system shall include a certification of acceptability by
11 the state university or community college of the applicant's
12 choice and the use of a nationally recognized system of need
13 analysis. Priority in the distribution of grant or loan
14 moneys shall be given to students with the lowest total family
15 resources, as determined pursuant to this subsection, taking
16 into consideration the receipt of Pell Grants and student
17 contributions to educational costs.
18 (3) Funding for the program is derived through the
19 following charges per semester, or equivalent charges per
20 quarter, to each student attending a state university or
21 community college:
22 (a) Twenty-five dollars for a student taking at least
23 12 credit hours per semester, or the equivalent quarter hours.
24 (b) Fifteen dollars for a student taking 7 to 11
25 credit hours per semester, or the equivalent quarter hours.
26 (c) Ten dollars for a student taking 1 to 5 credit
27 hours per semester, or the equivalent quarter hours.
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29 These funds shall be deposited in the State Student Financial
30 Assistance Trust Fund and shall be invested to obtain the
31 highest maximum yield while guaranteeing safety of the
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Florida House of Representatives - 1997 HB 1327
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1 principal. The moneys derived from investing the student
2 charges shall constitute the funding basis for the grants or
3 loans. Notwithstanding the provisions of s. 216.301 and
4 pursuant to s. 216.351, any balance in the trust fund at the
5 end of any fiscal year that has been allocated to the Florida
6 Supplemental Student Grant and Loan Program shall remain
7 therein and shall be available for carrying out the purposes
8 of this section.
9 (4) Upon graduation, a student may apply for a refund
10 of the total amount of charges he or she has paid pursuant to
11 this section and payment of a minimum amount of interest
12 earnings established by the Department of Education. If a
13 student is a nondegree seeking student, he or she must certify
14 completion of attendance at the state university or community
15 college in order to obtain a refund and interest earnings
16 payment.
17 (5) The Department of Education shall adopt loan
18 repayment schedules and applicable interest rates for students
19 receiving loans under this program.
20 Section 2. This act shall take effect July 1, 1997.
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23 HOUSE SUMMARY
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Establishes the Florida Supplemental Student Grant and
25 Loan Program to provide annual grants or loans to
students attending state universities or community
26 colleges. Provides for awards based on need.
Establishes funding for the program through investment of
27 student charges and authorizes refund of charges upon
graduation.
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