| 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; defining the term "eligible |
| 10 | Florida resident"; providing for the redirection of funds |
| 11 | to provide additional need-based financial assistance to |
| 12 | eligible Florida residents; requiring a report by state |
| 13 | universities and community colleges; providing an |
| 14 | effective date. |
| 15 |
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| 16 | Be It Enacted by the Legislature of the State of Florida: |
| 17 |
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| 18 | Section 1. (1) It is the intent of the Legislature to use |
| 19 | a portion of the state's limited resources to expand access to |
| 20 | postsecondary education and to reduce student indebtedness by |
| 21 | increasing need-based financial assistance for Florida |
| 22 | residents. Expanding access and increasing financial assistance |
| 23 | will encourage Florida residents to pursue postsecondary |
| 24 | education, which will produce economic benefits for the state by |
| 25 | increasing the levels of higher educational attainment and |
| 26 | earning potential of Florida's citizenry. |
| 27 | (2) By December 31, 2005, each state university and |
| 28 | community college shall report to the President of the Senate |
| 29 | and the Speaker of the House of Representatives: |
| 30 | (a) The total amount of state funds appropriated directly |
| 31 | or indirectly to the institution and tuition and fee revenues |
| 32 | generated by Florida residents that was used to provide |
| 33 | financial assistance during the 2003-2004 academic year to |
| 34 | students holding F-1 or M-1 visas. |
| 35 | (b) The total amount of state funds appropriated directly |
| 36 | or indirectly to the institution and tuition and fee revenues |
| 37 | generated by Florida residents that was used to provide need- |
| 38 | based financial assistance during the 2003-2004 academic year to |
| 39 | students classified as residents for tuition purposes pursuant |
| 40 | to s. 1009.21, Florida Statutes. |
| 41 | (3) Effective for the 2006-2007 academic year and each |
| 42 | year thereafter: |
| 43 | (a) A state university or community college shall not use |
| 44 | state funds appropriated directly or indirectly to the |
| 45 | institution or tuition or fee revenues generated by Florida |
| 46 | residents to provide financial assistance to any student holding |
| 47 | an F-1 or M-1 visa. |
| 48 | (b) The amount of funds reported pursuant to paragraph |
| 49 | (2)(a) shall be used by an institution to provide additional |
| 50 | need-based financial assistance to eligible Florida residents. |
| 51 | If the unmet need for eligible Florida residents is fully |
| 52 | satisfied without reliance on loans, any remaining funds shall |
| 53 | be used to provide merit-based financial assistance to eligible |
| 54 | Florida residents. |
| 55 | (4) For purposes of this section, "eligible Florida |
| 56 | resident" means a student classified at the time of initial |
| 57 | enrollment at a state university or community college as a |
| 58 | resident for tuition purposes pursuant to s. 1009.21, Florida |
| 59 | Statutes. |
| 60 | (5) Funds redirected pursuant to this section shall be |
| 61 | additional funds for need-based financial assistance for |
| 62 | eligible Florida residents and shall not be used to reduce or |
| 63 | supplant the level of funding for need-based financial |
| 64 | assistance for such students. |
| 65 | (6) For purposes of this section, financial assistance |
| 66 | does not include compensation paid to students for |
| 67 | assistantships or participation in work-study programs. |
| 68 | (7) Each state university and community college shall |
| 69 | report to the President of the Senate and the Speaker of the |
| 70 | House of Representatives by July 1, 2007, the number of Florida |
| 71 | residents benefiting from the use of financial assistance |
| 72 | provided from the funds redirected pursuant to this section. |
| 73 | Section 2. This act shall take effect July 1, 2005. |