Senate Bill 540 Summary

• Creates tuition grant program for North Carolina School of Science and Mathematics (NCSSM) graduates who enroll full-time at University of North Carolina constituent institutions, with grants covering tuition costs up to cost of attendance

• Grants administered by the Authority in consultation with UNC System Office, with applications processed on first-come, first-served basis after giving priority to students who received grants in prior academic year

• Grant amounts reduced proportionally if student receives other scholarships or grants, ensuring total aid does not exceed cost of attendance at the institution

• Establishes North Carolina Tuition Grant Fund Reserve to hold appropriated funds, returned grant monies, and interest, with up to 5% of annual appropriations permitted for administrative costs

• Appropriates $2,500,000 in recurring funds for fiscal year 2019-2020 and $2,500,000 in recurring funds for fiscal year 2020-2021; becomes effective July 1, 2019, for 2020-2021 academic year awards