AZ SB1191

Changes the Arizona Board of Regents from "may" to "shall" establish a financial aid trust fund to provide immediate aid to students with verifiable financial need and create an endowment for future financial aid.

Increases the minimum percentage of immediate aid monies that must go to resident undergraduate students from 50 percent to 75 percent.

Maintains that 25 percent of annual monies received shall be placed in the permanent endowment, with remaining monies used for immediate grant aid to eligible students.

Appropriates $85,000,000 from the state general fund in fiscal year 2021-2022 to the financial aid trust fund.

Preserves the requirement that each dollar raised from student registration surcharges be matched by $2 appropriated by the legislature.