VA SB167

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

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

Creates new eligibility for graduate students enrolled full-time in master's, doctoral, or first professional degree programs, with award amounts determined by individual institutions based on financial need or other institutional criteria.

Requires the State Council of Higher Education for Virginia to adopt emergency regulations by April 1, 2027, and the Secretary of Education to establish a work group to review financial aid systems and report recommendations by July 1, 2027.

Phases out the Virginia Guaranteed Assistance Program beginning fall 2027, while allowing current recipients from 2026-2027 to continue receiving renewal grants for up to four total award years if they maintain eligibility.