Senate Bill 14-001: College Affordability Act

• Caps tuition increases for undergraduate in-state students at 9 percent annually for fiscal years 2011-12 through 2013-14, reducing to 6 percent for fiscal years 2014-15 and 2015-16 at Colorado state-supported institutions of higher education.

• Appropriates $100,162,480 from the general fund for fiscal year 2014-15, allocating funds to need-based grants ($30 million), work study ($5 million), merit-based grants ($5 million), and college opportunity fund stipends for students ($57.7 million).

• Establishes a 6 percent tuition increase cap for Colorado School of Mines or a percentage equal to twice the consumer price index rate for the Denver metropolitan area, whichever is greater, with same fiscal year applicability as other institutions.

• Increases per-student college opportunity fund stipend amount from $1,980 to $2,250 per 30 credit hours, based on assumption of 130,925 student FTE at state institutions in fiscal year 2014-15.

• Requires that additional general fund moneys for financial aid supplement rather than supplant existing institutional need-based aid for resident students.