HB 94 Summary

• Creates the Alaska Achievers' Incentive Scholarship Program administered by the Alaska Commission on Postsecondary Education to support eligible students attending qualifying in-state postsecondary institutions.

• Establishes a separate endowment fund (Alaska Achievers' Scholarship Fund) managed by the Commissioner of Revenue with a goal of maintaining purchasing power and earning at least 5% annual real rate of return; five percent of the average three-year fund value becomes available for annual appropriation.

• Sets scholarship eligibility requirements including Alaska residency, 3.0 or higher grade point average, demonstrated financial need on Free Application for Federal Student Aid, and minimum unmet financial need of $4,000.

• Establishes minimum scholarship award of $1,000, determined annually by dividing available funds by number of eligible applicants; if insufficient funding exists, priority goes to applicants with greatest unmet financial need.

• Allows scholarships to be used at accredited postsecondary schools located in Alaska for students accepted to or currently enrolled at least half-time in degree or certificate programs with satisfactory academic progress.