HB 1555 - Mississippi College Tuition Rebate Incentive Act

• Creates the Mississippi College Tuition Rebate Incentive Act providing $1,000 tuition rebates to undergraduate students who graduate with a 3.0+ GPA within 4 years (or 5 years for engineering/architecture programs) while attempting no more than 3 excess semester credit hours beyond program requirements.

• Establishes the Mississippi College Work-Study Program to provide part-time jobs for eligible, financially needy students at state-supported institutions and community colleges, with funding from state appropriations.

• Creates the Mississippi Striving Towards Excellence in Academics (STEAM) Grant Program administered by the Mississippi Post-Secondary Education Financial Assistance Board to provide grants to eligible students based on financial need, with grant amounts determined by average statewide tuition and fees.

• Allows state institutions to charge higher tuition rates to resident undergraduate students who have attempted 30+ excess semester credit hours beyond their degree program requirements, effective for students initially enrolling after fall 2012.

• Creates the Student Loan Auxiliary Fund in the State Treasury to finance tuition rebates, with unexpended funds retained rather than reverting to the general fund.