HB 1533 Summary

• Creates the Oklahoma Higher Education Scholarship Program administered by the Oklahoma State Regents for Higher Education to provide scholarships to middle-income undergraduate students at member institutions of The Oklahoma State System of Higher Education.

• Establishes scholarship eligibility requirements: applicant must be an Oklahoma resident, enrolled full-time in an undergraduate program, and meet middle-income criteria established by the State Regents.

• Sets scholarship amount equal to the nonguaranteed resident tuition owed by eligible students at their institution in The Oklahoma State System of Higher Education.

• Creates the Oklahoma Higher Education Scholarship Trust Fund with the State Regents as trustees to provide funding for the scholarship program.

• Becomes effective July 1, 2015, with an emergency declaration for immediate effect upon passage and approval.