AK SB33

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

Establishes minimum scholarship amount of $1,000 annually, determined by dividing appropriated funds by number of eligible applicants, with a maximum of $20,000 cumulative per student over five years.

Requires applicants to be Alaska residents with a minimum 2.5 GPA, demonstrated financial need through FAFSA, unmet financial need of at least $4,000, and acceptance to or current enrollment in a degree or certificate program at an accredited in-state institution.

Establishes the Alaska Achievers' Scholarship Fund as a separate endowment managed by the Commissioner of Revenue, investing to yield at least 5 percent annual real rate of return, with 5 percent of the fund's value made available annually for scholarship awards.

Provides transitional funding provisions for the scholarship fund's initial years, with the first appropriation determining availability through remainder of fiscal year, then transitioning to standard three-year averaging method by May 2010.