OK SB137

Amends Section 2605 of the Oklahoma Higher Learning Access Program to require the Oklahoma State Regents for Higher Education to review financial qualification determinations when certain types of income are included in a family's total income.

Directs that nontaxable military benefits and federal Social Security Administration income due to death or disability of a parent(s) be excluded from financial need calculations, allowing students whose income without these benefits does not exceed $50,000 to qualify for the program.

Extends the same income exclusion provision to adopted students, with qualifying income thresholds of $150,000 for students adopted between birth and age 12, and $200,000 for students adopted between ages 13 and 17.

Becomes effective July 1, 2015, with an emergency clause allowing immediate implementation upon passage and approval.