HB 2555 Summary

• Changes the Arizona Board of Regents' authority to establish a financial aid trust fund from optional ("may") to mandatory ("shall").

• Increases the minimum percentage of immediate aid monies distributed to resident undergraduate students from 50% to 75%.

• Appropriates $85,000,000 from the state general fund in fiscal year 2020-2021 to the financial aid trust fund for students with verifiable financial need.

• Maintains existing provisions requiring each dollar from student surcharges to be matched with $2 in state appropriations and limiting surcharges to no more than 1% of registration fees.