SB 273 Summary

• Establishes the Governor's Scholarship program providing need-based and merit-based financial aid to full-time and part-time undergraduate students at Connecticut public and independent institutions of higher education, effective fiscal year ending June 30, 2014.

• Allocates program funding across four components: need and merit-based grants (at least 20%), need-based grants (up to 80%), Charter Oak grants (at least $100,000), and performance incentive pool (at least 2.5%), with at least 36-38% going to independent institutions.

• Restructures the state system of higher education by replacing the "Board of Regents for Higher Education" with the "Connecticut State Colleges and Universities" as the governing entity for state universities, community-technical colleges, and Charter Oak State College (effective July 1, 2016).

• Updates numerous statutes to change all references from "Board of Regents for Higher Education" to "Connecticut State Colleges and Universities" throughout state law and related agencies and commissions.

• Revises early childhood education staff qualification requirements with phased implementation: 50% of staff with bachelor's degrees by July 1, 2017, increasing to 100% by July 1, 2020.