FL H0383

Establishes the Historically Black Colleges and Universities Matching Endowment Scholarship Program within the Department of Education to provide scholarships to students enrolled at participating HBCUs in Florida

Legislature appropriates $2 million to the State Student Financial Assistance Trust Fund, with each participating HBCU required to contribute $500,000 in matching funds by June 30, 2021

Appropriated funds and matching funds remain permanently in the trust fund, with accumulated interest used annually to award scholarships to enrolled students with unmet financial need

Interest from the trust fund shall be equally allocated among all participating colleges and universities for scholarship distribution

Effective date is July 1, 2020, with the State Board of Education authorized to adopt necessary administrative rules