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To enact sections 3333.27 and 3333.271 of the Revised | 1 |
Code to create the Finish Fund and the Finish | 2 |
Reserve Fund to provide grants to students who are | 3 |
nearing completion of their bachelor's degrees and | 4 |
display financial need or hardship and to make an | 5 |
appropriation. | 6 |
Section 1. That sections 3333.27 and 3333.271 of the Revised | 7 |
Code be enacted to read as follows: | 8 |
Sec. 3333.27. (A) As used in this section: | 9 |
(1) "Eligible student" means an undergraduate student who: | 10 |
(a) Is enrolled in a bachelor's degree program at a state | 11 |
institution of higher education or a nonprofit institution issued | 12 |
a certificate of authorization under Chapter 1713. of the Revised | 13 |
Code; | 14 |
(b) Is a resident of Ohio, as defined by the chancellor of | 15 |
the Ohio board of regents under section 3333.31 of the Revised | 16 |
Code; | 17 |
(c) Is making satisfactory academic progress, as defined by | 18 |
the financial aid office, or the equivalent, at the institution in | 19 |
which the student is enrolled; | 20 |
(d) Has attained and maintains a cumulative grade point | 21 |
average of at least 2.5 on a 4.0 scale, or the equivalent; | 22 |
(e) Has declared an academic major or program for which the | 23 |
student earns credit; | 24 |
(f)(i) If the student is enrolled in a bachelor's degree | 25 |
program, would be considered a junior or senior as determined by | 26 |
the credits completed by the student toward the student's declared | 27 |
degree program; | 28 |
(ii) If the student is enrolled in an associate degree | 29 |
program, the student has completed fifty per cent or more of the | 30 |
coursework required for the student's declared academic program. | 31 |
(g) Displays financial need, based on the United States | 32 |
department of education's method of determining financial need or | 33 |
based on demonstrated financial hardship, as determined by the | 34 |
chancellor. | 35 |
(2) "State institution of higher education" has the same | 36 |
meaning as in section 3345.011 of the Revised Code. | 37 |
(B) The chancellor shall establish and administer the finish | 38 |
fund to provide grants to eligible students nearing completion of | 39 |
their bachelor's degrees. The chancellor shall transfer any funds | 40 |
not awarded under this section in a fiscal year to the finish | 41 |
reserve fund created in section 3333.271 of the Revised Code to | 42 |
use for awarding grants in subsequent fiscal years. | 43 |
(C) Not later than one hundred eighty days after the | 44 |
effective date of this section, the chancellor shall adopt a | 45 |
policy by which to solicit, accept, and review applications for | 46 |
the finish fund. The policy shall include, but not be limited to, | 47 |
all of the following: | 48 |
(1) A method of determining the amount of each grant awarded | 49 |
to an eligible student. In calculating that amount, the chancellor | 50 |
shall consider the student's remaining instructional and general | 51 |
charges or tuition and room and board or off-campus living | 52 |
expenses, as certified or, in the case of off-campus living | 53 |
expenses, as determined by the institution, after the student's | 54 |
other funding sources are applied to the instructional and general | 55 |
charges or tuition and room and board or off-campus living | 56 |
expenses for the undergraduate program. | 57 |
(2) A method for paying the grant to the eligible student | 58 |
through the institution in which the student is enrolled. | 59 |
(3) Notwithstanding division (C)(1) of this section, the | 60 |
institution in which a student is enrolled may disburse any | 61 |
surplus amount remaining in a student's account, after applying | 62 |
the grant to the instructional and general charges or tuition owed | 63 |
by a student, to the student to be used for books, room and board, | 64 |
or any other costs related to attendance. | 65 |
The chancellor may adopt additional program guidelines and | 66 |
qualifications for the finish fund, so long as those guidelines | 67 |
and qualifications help to identify students most at risk of | 68 |
leaving an institution before completing a degree program due to | 69 |
financial hardship and students most likely to complete a degree | 70 |
program with additional funding. | 71 |
(D) If, for any academic year, the amounts available for | 72 |
support of the program are inadequate to provide grants to all | 73 |
eligible students, the chancellor shall give preference in the | 74 |
awarding of grants as follows: | 75 |
(1) First, to eligible students who are considered seniors in | 76 |
a bachelor degree program who have applied for and, if received, | 77 |
used the entirety of all of the following, but are still unable to | 78 |
meet the cost of attending the institution in which the student is | 79 |
enrolled, including room and board or off-campus living expenses, | 80 |
as determined by the institution's financial aid office: | 81 |
(a) A Pell grant or any other grant awarded by the federal | 82 |
government based on financial need; | 83 |
(b) The Ohio college opportunity grant under section 3333.122 | 84 |
of the Revised Code; | 85 |
(c) Any grants or scholarships awarded to the student and | 86 |
disbursed by the institution of higher education in which the | 87 |
student is enrolled; | 88 |
(d) A federal subsidized loan. | 89 |
(2) Second, to eligible students who are considered juniors | 90 |
in a bachelor degree program who have applied for and, if | 91 |
received, used the entirety of funding sources listed in divisions | 92 |
(D)(1)(a) to (d) of this section, but are still unable to meet the | 93 |
cost of attending the institution in which the student is | 94 |
enrolled, including room and board, as determined by the | 95 |
institution's financial aid office; | 96 |
(3) Third, to eligible students who are considered seniors in | 97 |
a bachelor degree program who have applied for and, if received, | 98 |
used the entirety of the funding sources listed in divisions | 99 |
(D)(1)(a) to (c) of this section, but are still unable to meet the | 100 |
cost of attending the institution in which the student is | 101 |
enrolled, including room and board, as determined by the | 102 |
institution's financial aid office; | 103 |
(4) Fourth, to eligible students who are considered juniors | 104 |
in a bachelor degree program who have applied for and, if | 105 |
received, used the entirety of the funding sources listed in | 106 |
divisions (D)(1)(a) to (c) of this section, but are still unable | 107 |
to meet the cost of attending the institution in which the student | 108 |
is enrolled, including room and board, as determined by the | 109 |
institution's financial aid office; | 110 |
(5) Fifth, to eligible students who have completed fifty per | 111 |
cent or more of the coursework required for the student's declared | 112 |
academic program for an associate degree who have applied for and, | 113 |
if received, used the entirety of the funding sources listed in | 114 |
divisions (D)(1)(a) to (c) of this section, but are still unable | 115 |
to meet the cost of attending the institution in which the student | 116 |
is enrolled, including room and board, as determined by the | 117 |
institution's financial aid office. | 118 |
In prioritizing grants under this section, the chancellor | 119 |
shall not reduce the dollar value of grants awarded to increase | 120 |
the number of eligible students who receive a grant. | 121 |
(E) The chancellor shall begin accepting and reviewing | 122 |
applications and awarding grants under this section not later than | 123 |
one hundred eighty days after the effective date of this section. | 124 |
(F) The chancellor shall require state institutions of higher | 125 |
education and nonprofit institutions issued a certificate of | 126 |
authorization under Chapter 1713. of the Revised Code to report | 127 |
all of the following at the end of each academic year: | 128 |
(1) The number of students enrolled in the institution who | 129 |
receive grants under this section; | 130 |
(2) The average dollar amount of grants, and the lowest and | 131 |
highest dollar amount of awards granted under this section; | 132 |
(3) The number of students who receive grants under this | 133 |
section who complete their academic programs; | 134 |
(4) The number of students who receive a grant under this | 135 |
section who fail to complete their academic programs, | 136 |
disaggregated by the reason, including, but not limited to, | 137 |
dropping out of school and failure; | 138 |
(5) The number of students still enrolled in the institution | 139 |
and taking courses, but have neither completed nor failed to earn | 140 |
their degrees. | 141 |
Sec. 3333.271. The finish reserve fund is hereby established | 142 |
in the state treasury. After the end of each fiscal year, the | 143 |
chancellor of the Ohio board of regents shall transfer any funds | 144 |
remaining after awarding grants under section 3333.27 of the | 145 |
Revised Code into the finish reserve fund from which the | 146 |
chancellor may award future grants under that section. | 147 |
Section 2. All items in this section are hereby appropriated | 148 |
as designated out of any moneys in the state treasury to the | 149 |
credit of the designated fund. For all appropriations made in this | 150 |
act, those in the first column are for fiscal year 2014 and those | 151 |
in the second column are for fiscal year 2015. The appropriations | 152 |
made in this act are in addition to any other appropriations made | 153 |
for the FY 2014-FY 2015 biennium. | 154 |
Appropriations |
155 | |
General Revenue Fund | 156 |
GRF | 2355XX | Finish Fund | $ | 10,000,000 | $ | 10,000,000 | 157 | ||||
TOTAL GRF General Revenue Fund | $ | 10,000,000 | $ | 10,000,000 | 158 | ||||||
TOTAL ALL BUDGET FUND GROUPS | $ | 10,000,000 | $ | 10,000,000 | 159 |
FINISH FUND | 160 |
The foregoing appropriation item 2355XX, Finish Fund, shall | 161 |
be used to grant financial aid awards through the Finish Fund | 162 |
Program, pursuant to section 3333.27 of the Revised Code. | 163 |
At the end of each fiscal year, the Chancellor of the Board | 164 |
of Regents shall certify to the Director of Budget and Management | 165 |
the unencumbered, unexpended balance in appropriation item 2355XX, | 166 |
Finish Fund. Upon receipt of the certification, the Director of | 167 |
Budget and Management shall transfer cash in an amount equal to | 168 |
the amount certified from the General Revenue Fund to the Finish | 169 |
Reserve Fund (Fund XXXX). The Chancellor of the Board of Regents | 170 |
shall seek Controlling Board approval to authorize additional | 171 |
expenditures for appropriation item 2355XX, Finish Fund. Upon | 172 |
approval of the Controlling Board, the additional amounts are | 173 |
hereby appropriated. | 174 |
Section 3. Within the limits set forth in this act, the | 175 |
Director of Budget and Management shall establish accounts | 176 |
indicating the source and amount of funds for each appropriation | 177 |
made in this act, and shall determine the form and manner in which | 178 |
appropriation accounts shall be maintained. Expenditures from | 179 |
appropriations contained in this act shall be accounted for as | 180 |
though made in the main operating appropriations act of the 130th | 181 |
General Assembly. | 182 |
The appropriations made in this act are subject to all | 183 |
provisions of the main operating appropriations act of the 130th | 184 |
General Assenmbly that are generally applicable to such | 185 |
appropriations. | 186 |