CT SB00353

Establishes the Connecticut Hope Scholarship program, effective July 1, 2018, administered by the Office of Higher Education to provide merit-based financial aid for eligible educational costs at public institutions of higher education.

Restricts eligibility to Connecticut residents who graduated from a public high school with at least a 3.5 GPA within four years prior to enrollment and maintain a 3.5 college GPA as full-time undergraduate students.

Defines eligible educational costs as tuition, required fees, and a fixed amount for books and educational supplies as determined by the Office of Higher Education.

Awards scholarship amounts equal to the full eligible educational costs for each student, with participating institutions required to expend funds solely for direct financial assistance.

Requires annual reporting by institutions, three-year record retention, compliance reviews by the Office of Higher Education, and independent audits beginning fiscal year 2019 and biennially thereafter; allocates administrative costs at one-quarter of one percent of available appropriations (minimum $100,000).