VA HB1001

Establishes the Virginia College Access and Affordability Scholarship Fund within the State Council of Higher Education for Virginia (SCHEV) to provide need-based scholarships for Virginia students attending public and private nonprofit institutions of higher education in the Commonwealth.

Creates a work group to develop recommendations for the scholarship program's implementation, including eligibility criteria, award amounts, and distribution mechanisms, with a report due to the General Assembly.

Renames and reorganizes the existing Virginia College Savings Plan structure, establishing the "Commonwealth Savers Plan" as the umbrella entity overseeing both prepaid tuition contracts and savings trust accounts.

Authorizes the Board of the Commonwealth Savers Plan to hold closed meetings when discussing confidential investment analyses, proprietary information, or personal information of individuals who have applied for prepaid tuition contracts or savings trust agreements.

Amends multiple sections of the Virginia Code (§§ 2.2-3711, 23.1-700 through 23.1-706) and adds new sections (§§ 23.1-235 through 23.1-237) to implement these changes.