CO SB006

Adds three new definitions to the Colorado Opportunity Scholarship Initiative: "cost of attendance" (institution-determined student expenses including tuition, fees, room, board, books, supplies, transportation), "expected family contribution" (amount family is expected to contribute toward cost of attendance), and "financial assistance" (money awarded based on cost of attendance).

Repeals the definition of "tuition assistance" and replaces references to "tuition" with "financial assistance" throughout the statute to broaden the scope of aid beyond tuition alone.

Changes administrative spending cap from 3 percent to 7.5 percent of total expenditures from the prior fiscal year, with allowance for additional spending authorized by the General Assembly through footnote in annual appropriation act.

Eliminates the May 30, 2015 reporting requirement and instead requires the board to submit annual reports to the director, who must post them online and send them to education committees of both chambers.

Modifies scholarship distribution requirements to reference expected family contribution levels relative to federal Pell Grant awards rather than maximum permissible income levels for Pell Grant eligibility.