SB5 Summary

• Modifies scholarship award amounts for four-year institutions beginning 2016-2017 academic year: $1,000 (freshman), $4,000 (sophomore), $4,000 (junior), $5,000 (senior), down from previous amounts of $2,000, $3,000, $4,000, $5,000 respectively.

• Changes scholarship amounts for two-year institutions, branch campuses, and nursing schools to $1,000 for first year and $3,000 for second year.

• Establishes aggregate cap of $16,000,000 for nontraditional student scholarships beginning 2014-2015 academic year.

• Adds new funding priority criteria when scholarship funds are insufficient: prioritizes students with continuing eligibility over first-time applicants, then awards based on progress toward degree completion in critical workforce needs or STEM fields.

• Allows loans from state budget up to $1,500,000 to the scholarship program and establishes $20,000,000 shortfall reserve account, effective immediately upon gubernatorial approval.