SB22-008 Summary

• Establishes Foster Youth Financial Assistance Program requiring Colorado higher education institutions to provide "remaining balance" financial aid to qualifying students starting in the 2022-23 academic year, covering costs not met by other private, state, or federal assistance.

• Defines qualifying students as Colorado residents who have been in foster care or noncertified kinship care (with neglect/dependency adjudication) on or after their 13th birthday and are accepted for enrollment at state institutions, local district colleges, or area technical colleges.

• Requires the state to fund 50 percent of remaining balance financial assistance provided by institutions, with eligible students required to complete FAFSA, Chafee ETV grant applications if eligible, and maintain satisfactory academic standing through the first 132 semester hours or 198 quarter hours.

• Mandates each institution designate one employee liaison to provide qualifying students with information on financial assistance and support services, and establishes four full-time navigator positions in the Department of Higher Education to help prospective qualifying students with applications and enrollment.

• Appropriates $2,610,575 to the Department of Higher Education for the 2022-23 fiscal year to implement the program, based on 3.7 additional FTE positions.