VA HB1221

Establishes the Virginia Commonwealth Award to replace the Virginia Guaranteed Assistance Program, providing financial aid grants to eligible undergraduate and graduate students at public institutions of higher education in Virginia.

Expands undergraduate eligibility to include students enrolled at least half-time (previously required full-time), who demonstrate financial need and meet Virginia domicile requirements, removing the previous 2.5 GPA high school graduation requirement.

Creates new graduate student eligibility for Commonwealth Awards, requiring full-time enrollment in an eligible program and either demonstrated financial need or meeting other institution-determined criteria.

Requires the State Council of Higher Education for Virginia to adopt emergency regulations by April 1, 2027, and directs the Joint Subcommittee on Higher Education Funding Policies to review financial aid systems and submit recommendations by July 1, 2027.

Phases out the existing Virginia Guaranteed Assistance Program beginning fall 2027, while allowing current recipients to continue receiving renewals for up to four total award years if they maintain eligibility.