| 1 | A bill to be entitled |
| 2 | An act relating to student financial assistance; providing |
| 3 | legislative intent to expand access to postsecondary |
| 4 | education and reduce student indebtedness; requiring each |
| 5 | state university and community college to report |
| 6 | information relating to certain funds used to provide |
| 7 | financial assistance to certain students; prohibiting the |
| 8 | use of such funds to provide financial assistance to |
| 9 | specified foreign students; providing for the redirection |
| 10 | of funds to provide additional need-based financial |
| 11 | assistance to students classified as residents for tuition |
| 12 | purposes; requiring annual state university and community |
| 13 | college reporting; providing an effective date. |
| 14 |
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| 15 | Be It Enacted by the Legislature of the State of Florida: |
| 16 |
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| 17 | Section 1. (1) It is the intent of the Legislature to use |
| 18 | a portion of the state's limited resources to expand access to |
| 19 | postsecondary education and to reduce student indebtedness by |
| 20 | increasing need-based financial assistance for Florida |
| 21 | residents. Expanding access and increasing financial assistance |
| 22 | will encourage Florida residents to pursue postsecondary |
| 23 | education, which will produce economic benefits for the state by |
| 24 | increasing the levels of higher educational attainment and |
| 25 | earning potential of Florida's citizenry. |
| 26 | (2) By December 31, 2005, each state university and |
| 27 | community college shall report to the President of the Senate |
| 28 | and the Speaker of the House of Representatives: |
| 29 | (a) The total amount of state funds appropriated directly |
| 30 | or indirectly to the institution and tuition and fee revenues |
| 31 | generated by Florida residents that was used to provide |
| 32 | financial assistance during the 2003-2004 academic year to |
| 33 | students holding F-1 or M-1 visas. |
| 34 | (b) The total amount of state funds appropriated directly |
| 35 | or indirectly to the institution and tuition and fee revenues |
| 36 | generated by Florida residents that was used to provide need- |
| 37 | based financial assistance during the 2003-2004 academic year to |
| 38 | students classified as residents for tuition purposes pursuant |
| 39 | to s. 1009.21, Florida Statutes. |
| 40 | (3) Effective for the 2006-2007 academic year and each |
| 41 | year thereafter: |
| 42 | (a) A public postsecondary educational institution shall |
| 43 | not use state funds appropriated directly or indirectly to the |
| 44 | institution or tuition or fee revenues generated by Florida |
| 45 | residents to provide financial assistance to any student holding |
| 46 | an F-1 or M-1 visa. |
| 47 | (b) The amount of funds reported pursuant to paragraph |
| 48 | (2)(a) shall be used by an institution to provide additional |
| 49 | need-based financial assistance to students classified as |
| 50 | residents for tuition purposes pursuant to s. 1009.21, Florida |
| 51 | Statutes. If the unmet need for Florida residents is fully |
| 52 | satisfied without reliance on loans, any remaining funds shall |
| 53 | be used to provide merit-based financial assistance to students |
| 54 | classified as residents for tuition purposes. |
| 55 | (4) Funds redirected pursuant to this section shall be |
| 56 | additional funds for need-based financial assistance for Florida |
| 57 | residents and shall not be used to reduce or supplant the level |
| 58 | of funding for need-based financial assistance for resident |
| 59 | students as reported pursuant to paragraph (2)(b). |
| 60 | (5) For purposes of this section, financial assistance |
| 61 | does not include compensation paid to students for |
| 62 | assistantships or participation in work-study programs. |
| 63 | (6) Each state university and community college shall |
| 64 | report to the President of the Senate and the Speaker of the |
| 65 | House of Representatives by July 1, 2007, and annually |
| 66 | thereafter on the number of Florida residents benefiting from |
| 67 | the use of financial assistance provided from the funds |
| 68 | redirected pursuant to this section. |
| 69 | Section 2. This act shall take effect July 1, 2005. |