CODING: Words stricken are deletions; words underlined are additions.House Bill 1327c1
Florida House of Representatives - 1997 CS/HB 1327
By the Committee on Colleges & Universities and
Representatives Casey and 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 CS/HB 1327
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1 (b) The criteria and procedure for establishing
2 standards of eligibility shall be determined by the
3 department. The department is directed to establish a rating
4 system upon which to base the approval of grants or loans, and
5 such system shall include a certification of acceptability by
6 the state university or community college of the applicant's
7 choice and the use of a nationally recognized system of need
8 analysis. Priority in the distribution of grant or loan
9 moneys shall be given to students with the lowest total family
10 resources, as determined pursuant to this subsection, taking
11 into consideration the receipt of Pell Grants and student
12 contributions to educational costs.
13 (3) Funding for the program is derived through the
14 following charges per semester, or equivalent charges per
15 quarter, to each student attending a state university or
16 community college:
17 (a) Twenty-five dollars for a student taking at least
18 12 credit hours per semester, or the equivalent quarter hours.
19 (b) Fifteen dollars for a student taking 6 to 11
20 credit hours per semester, or the equivalent quarter hours.
21 (c) Ten dollars for a student taking 1 to 5 credit
22 hours per semester, or the equivalent quarter hours.
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24 These funds shall be deposited in the State Student Financial
25 Assistance Trust Fund and shall be invested to obtain the
26 highest maximum yield while guaranteeing safety of the
27 principal. The moneys derived from investing the student
28 charges shall constitute the funding basis for the grants or
29 loans. Notwithstanding the provisions of s. 216.301 and
30 pursuant to s. 216.351, any balance in the trust fund at the
31 end of any fiscal year that has been allocated to the Florida
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CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 1997 CS/HB 1327
184-262-97
1 Supplemental Student Grant and Loan Program shall remain
2 therein and shall be available for carrying out the purposes
3 of this section.
4 (4) Upon graduation, a student may apply for a refund
5 of the total amount of charges he or she has paid pursuant to
6 this section and payment of a minimum amount of interest
7 earnings established by the Department of Education. If a
8 student is a nondegree seeking student, he or she must certify
9 completion of attendance at the state university or community
10 college in order to obtain a refund and interest earnings
11 payment.
12 (5) The Department of Education shall adopt loan
13 repayment schedules and applicable interest rates for students
14 receiving loans under this program.
15 Section 2. This act shall take effect July 1, 1997.
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