AZ HB2427

County treasurers must hold all property tax collections in interest-bearing accounts for 15 calendar days beginning July 1, 2020, and transfer the interest earned to the state treasurer for a new Arizona higher education financial aid program fund.

The Commission for Postsecondary Education establishes the Arizona higher education financial aid program to distribute funds to qualifying students beginning in 2024.

Eligible students must be Arizona residents, enrolled in or accepted to a university under the Arizona Board of Regents or a community college, and maintain a minimum 2.5 GPA on a 4.0 scale.

Beginning August 1, 2024, the Commission distributes funds annually to cover full tuition and fees for qualifying students; if insufficient funds exist, distributions are made on a first-come, first-served basis.

The Commission may retain up to 5 percent of program funds for administrative costs, and the program terminates on July 1, 2029.