reglab/statecodes huggingface dataset:
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-617. Definitions

As used in this article, unless the context requires a different meaning:
"Fund" means a student loan fund.
"Institution" means a public institution of higher education that has established a student loan fund from appropriations from the general fund of the state treasury for fellowships, scholarships, and loans.
"Student" means a medical student, dental student, intern, resident, or undergraduate student who is entitled to reduced rate tuition charges pursuant to Chapter 5 (§ 23.1-500 et seq.).
1978, c. 745, § 23-38.10:2; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-618. Loans to students

A. Any institution may make loans from its fund only to needy students who might be unable to attend such institution without such loans and who are duly admitted into degree or certificate programs at the institution. Such loans shall be made upon such terms and according to such rules as may be prescribed by the governing board of the institution.
B. In any one academic year, no student shall receive a loan from the fund of an institution that would result in such student owing a net outstanding amount at the end of that year in excess of the tuition and mandatory fees charged by the institution.
C. The rate of interest charged on loans to students from a fund is three percent annually.
1978, c. 745, § 23-38.10:3; 1991, c. 590; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-619. Collection of loans

For each loan made from its fund, each institution shall:
1. Include in loan documents for each loan an individual plan for the repayment of principal and interest and the payment of any late fees and clear and detailed information about the collection process for such loan pursuant to the Virginia Debt Collection Act (§ 2.2-4800 et seq.), including information about the agency or entity that is responsible for collection;
2. Establish a process for notifying each student or, in the case of an undergraduate student and as appropriate, the student's parent of any loan payment that is past due no later than (i) 30 days after the payments become past due and (ii) if necessary, the end of the academic term during which such payment becomes past due; and
3. Make every effort to collect each loan and comply with the Virginia Debt Collection Act (§ 2.2-4800 et seq.) with regard to the collection of such loans, provided that, notwithstanding §§ 2.2-4805 and 2.2-4806, the institution may, with the consent of the borrower, modify the terms of any loan for which payments are past due to provide for repayment forbearance on such loan and repayment to commence on a mutually agreed-upon date in the future. Prior to entering into any such agreement, the institution shall provide the borrower with information regarding the effect of a forbearance on the loan amount, including (i) the amount of any additional accumulated principal and interest and (ii) the estimated total amount to be owed upon recommenced payments.
1978, c. 745, § 23-38.10:4; 1988, c. 544; 2016, c. 588; 2018, c. 786.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-620. Biennial audits

The Auditor of Public Accounts shall at least biennially audit and exhibit the account of the fund of each institution.
1978, c. 745, § 23-38.10:6; 1991, c. 590; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-621. Additional student loan funds

A. Whenever an institution's fund is inadequate to carry out fully the purpose for which the fund was established, the governing board and chief executive officer of such institution, with the prior written consent and approval of the Governor, are authorized, for the purpose of providing an additional fund, to borrow from such sources and on such terms as may be approved by the Governor an amount not to exceed $25,000 and provide for such extensions or renewals of such loans as may be necessary. Such additional fund shall be used only in making loans to students as provided in this article and for no other purpose.
B. The repayments and interest accretions to the additional fund shall be used insofar as may be necessary to repay the indebtedness of the institution created by the governing board and chief executive officer in establishing such additional fund.
C. Such additional amounts may be borrowed as may be deemed necessary by the governing board and chief executive officer of the institution, with the Governor's approval, but in no event shall the amount of the additional fund, including cash, notes receivable, and all amounts borrowed and not repaid exceed $50,000.
D. Accounts shall be kept and reports rendered for each such additional fund in all respects as required by this article for funds created by appropriations from the general fund of the state treasury and the Auditor of Public Accounts shall biennially exhibit in his report the amount of the additional fund at each institution.
1978, c. 745, § 23-38.10:7; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-622. Definitions

As used in this article, unless the context requires a different meaning:
"Eligible institution" means a baccalaureate public institution of higher education or baccalaureate nonprofit private institution of higher education whose primary purpose is to provide undergraduate collegiate education and not to provide religious training or theological education.
"Grant" means the amount of financial assistance awarded under this article whether disbursed by warrant directly to an eligible institution or directly to a Virginia student.
"Program" means the Two-Year College Transfer Grant Program.
2007, cc. 850, 899, § 23-38.10:8; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-623. Two-Year College Transfer Grant Program; Council regulations

A. The Two-Year College Transfer Grant Program is created to provide financial assistance to eligible students, beginning with the first-time entering freshman class of the fall 2007 academic year, for the costs of attending an eligible institution. Funds may be paid to any eligible institution on behalf of students who have been awarded financial assistance pursuant to § 23.1-624.
B. The Council shall adopt regulations for the implementation of the provisions of this article and the disbursement of funds consistent with the provisions of this article that are appropriate to the administration of the Program.
2007, cc. 850, 899, § 23-38.10:9; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-624. Eligibility criteria

A. Grants shall be made under the Program to or on behalf of Virginia students who (i) maintained a cumulative grade point average of at least 3.0 on a scale of 4.0 or its equivalent while enrolled in an associate degree program at an associate-degree-granting public institution of higher education, (ii) have received an associate degree at an associate-degree-granting public institution of higher education, (iii) have enrolled in an eligible institution by the fall or spring following the award of such associate degree, (iv) have applied for financial aid, and (v) have demonstrated financial need, defined as an Expected Family Contribution (EFC) of no more than $12,000 as calculated by the federal government using the family's financial information reported on the Free Application for Federal Student Aid (FAFSA) form.
B. Eligibility for a grant under the Program is limited to three academic years. Grants under the Program shall be used only for undergraduate coursework in educational programs other than those providing religious training or theological education.
C. To remain eligible for a grant under the Program, a student shall continue to demonstrate financial need as defined in subsection A, maintain a cumulative grade point average of at least 3.0 on a scale of 4.0 or its equivalent, and make satisfactory academic progress toward a degree.
D. Individuals who have failed to meet the federal requirement to register for the Selective Service are not eligible to receive grants pursuant to this article. However, an individual who has failed to register for the Selective Service shall not be denied a right, privilege, or benefit under this section if (i) the requirement to so register has terminated or become inapplicable to the individual and (ii) the individual shows by a preponderance of the evidence that the failure to register was not a knowing and willful failure to register.
2007, cc. 850, 899, § 23-38.10:10; 2014, c. 806; 2016, c. 588; 2017, cc. 102, 297.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-625. Amount of award

The amount of the grant for an eligible student shall be provided in accordance with the general appropriation act and shall be fixed at $1,000 per academic year. An additional $1,000 per academic year shall be provided to eligible students pursuing undergraduate coursework in engineering, mathematics, nursing, teaching, or science.
2007, cc. 850, 899, § 23-38.10:11; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-626. Determination of domicile

For the purposes of determining a student's eligibility for a grant, the enrolling institution shall determine domicile as provided in § 23.1-502 and the Council's domicile guidelines.
2007, cc. 850, 899, § 23-38.10:12; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-627. State financial aid eligibility

A. Eligible institutions shall reduce a student's state financial aid eligibility by the amount of the grant awarded pursuant to this article.
B. Grants shall not be reduced by virtue of an eligible student's receipt of any other financial aid from any other source except when the total of the grant and such other financial aid would enable the student to receive total financial assistance in excess of the estimated cost to the student of attending the institution in which he is enrolled.
2007, cc. 850, 899, § 23-38.10:13; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-627.1. Definitions

As used in this article, unless the context requires a different meaning:
"Board" means the Virginia Board of Workforce Development.
"Competency-based" means awarded on the basis of demonstrated knowledge and skills rather than completion of instructional hours or participation in an instructional course or program.
"Council" means the State Council of Higher Education for Virginia.
"Eligible institution" means a comprehensive community college, the Institute for Advanced Learning and Research, New College Institute, Richard Bland College, Roanoke Higher Education Center, Southern Virginia Higher Education Center, or Southwest Virginia Higher Education Center.
"Eligible student" means any Virginia student enrolled at an eligible institution who is domiciled in the Commonwealth as provided in § 23.1-500, as determined by the eligible institution.
"Fund" means the New Economy Workforce Credential Grant Fund.
"Grant" means a New Economy Workforce Credential Grant.
"High-demand field" means a discipline or field in which there is a shortage of skilled workers to fill current job vacancies or anticipated additional job openings.
"Industry-recognized" means demonstrating competency or proficiency in the technical and occupational skills identified as necessary for performing functions of an occupation based on standards developed or endorsed by employers and industry organizations.
"Noncredit workforce credential" means a competency-based, industry-recognized, portable, and third-party-validated certification or occupational license in a high-demand field.
"Noncredit workforce training program" means a program at an eligible institution that leads to an occupation or a cluster of occupations in a high-demand field, which program may include the attainment of a noncredit workforce credential. "Noncredit workforce training program" may include a program that receives funding pursuant to the Carl D. Perkins Career and Technical Education Improvement Act of 2006, P.L. 109-270. "Noncredit workforce training program" shall not include certificates of completion.
"Portable" means recognized by multiple employers or educational institutions and, where appropriate, across geographic areas.
"Program" means the New Economy Workforce Credential Grant Program.
"Third-party-validated" means having an external process in place for determining validity and relevance in the workplace and for continuous alignment of demonstrated knowledge and skills with industry workforce needs.
2016, cc. 326, 470.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-627.2. New Economy Workforce Credential Grant Program; purpose

The New Economy Workforce Credential Grant Program is established for the purpose of (i) creating and sustaining a demand-driven supply of credentialed workers for high-demand occupations in the Commonwealth by addressing and closing the gap between the skills needed by workers in the Commonwealth and the skills of the available workforce in the Commonwealth; (ii) expanding the affordability of workforce training and credentialing; and (iii) increasing the interest of current and future Virginia workers in technician, technologist, and trade-level positions to fill the available and emerging jobs in the Commonwealth that require less than a bachelor's degree but more than a high school diploma.
2016, cc. 326, 470.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-627.3. New Economy Workforce Credential Grant Fund and Program established; administration

A. There is hereby created in the state treasury a special nonreverting fund to be known as the New Economy Workforce Credential Grant Fund. The Fund shall be established on the books of the Comptroller. All moneys appropriated by the General Assembly, and from any other sources, public or private, shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes of disbursing moneys to eligible institutions for the award of grants pursuant to the Program. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the director of the Council.
B. There is hereby established a New Economy Workforce Credential Grant Program for the purpose of disbursing moneys from the Fund to eligible institutions for the award of grants to benefit students pursuant to this article.
C. The Council shall administer the Program and shall carry out the goals and purposes of the Program set forth in this article. In administering the Program, the Council (i) shall require eligible institutions to provide student-specific data and make final decisions on any dispute between eligible institutions and grant recipients; (ii) shall undertake periodic assessments of the overall success of the Program and recommend modifications, interventions, and other actions based on such assessment; and (iii) may adopt such regulations for the administration of the Program as it deems necessary and appropriate.
D. The Council shall instruct the Comptroller to annually disburse moneys to eligible institutions on a first-come, first-served basis as eligible students enroll in noncredit workforce training programs, giving priority to noncredit workforce training programs in high-demand fields in which employer demand is currently unmet by the available workforce. No more than one-quarter of the moneys in the Fund shall be disbursed annually to any eligible institution. The Council shall set forth the procedure by which eligible institutions shall notify the Council when eligible students enroll in noncredit workforce training programs identified by the governing board of the eligible institution pursuant to subsection E.
E. The Board shall make recommendations to eligible institutions to help determine high-demand fields for which noncredit workforce training programs may be offered pursuant to the Program. The governing board of each eligible institution shall determine the noncredit workforce training programs offered pursuant to the Program.
2016, cc. 326, 470; 2019, c. 578.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-627.4. Student grants

A. Subject to the availability of funds, any eligible student who enrolls in a noncredit workforce training program offered by an eligible institution pursuant to the Program may apply for and be awarded a grant to cover two-thirds of the cost of the noncredit workforce training program, provided that at the time of enrollment the eligible student pays one-third of the cost of the noncredit workforce training program and signs an agreement to complete the noncredit workforce training program or pay an additional one-third of the program cost in the event of noncompletion. Upon the presentation of satisfactory proof of completion of the noncredit workforce training program by the eligible student, the Council shall reimburse the institution in an amount equal to one-third of the cost of the program. Upon the presentation of satisfactory proof of the attainment of a noncredit workforce credential by the eligible student, the Council shall reimburse the institution in an amount equal to one-third of the cost of the program. However, the Council shall not reimburse any eligible institution more than $4,000 per completed noncredit workforce training program per eligible student pursuant to the Program.
B. Grants shall not be reduced by an eligible student's concurrent receipt of financial aid from any other source except in cases in which the grant and such other financial aid would result in total assistance in excess of tuition, fees, books, and other allowable costs of completing the noncredit workforce credential program.
2016, cc. 326, 470; 2023, cc. 5, 6.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-627.5. Board of Workforce Development to keep a list of high-demand fields and related noncredit workforce training programs and credentials

The Board shall maintain and update a list of high-demand fields and the related noncredit workforce training programs and noncredit workforce credentials on its website.
2016, cc. 326, 470.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-627.6. Eligible institutions; academic credit; noncredit workforce credentials

Each eligible institution that participates in the Program shall adopt a policy for the award of academic credit to any eligible student who has earned a noncredit workforce credential that is applicable to the student's certificate or degree program requirements.
2016, cc. 326, 470.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-627.7. Eligible institutions and the Council; reporting

A. No later than January 1 of each year, each eligible institution shall submit to the Council a report with data from the previous fiscal year on noncredit workforce training program completion and noncredit workforce credential attainment by eligible students participating in the Program that includes:
1. A list of the noncredit workforce credentials offered, by name and certification entity;
2. The number of eligible students who enrolled in noncredit workforce credentials programs;
3. The number of eligible students who completed noncredit workforce credentials programs;
4. The number of eligible students who attained noncredit workforce credentials after completing noncredit workforce training programs, by credential name and relevant industry sector; and
5. The average cost per noncredit workforce credential attained, by credential name and relevant industry sector.
B. The Council shall compile the data provided pursuant to subsection A and annually report such data, in the aggregate and by eligible institution, to the Board and the General Assembly. Such report shall also include information on the wages, including average wage and other relevant information, of students who have completed noncredit workforce training programs by credential name and relevant industry sector.
2016, cc. 326, 470; 2017, c. 329.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-628. Tuition Assistance Grant Program

A. As used in this article, unless the context requires a different meaning:
"Eligible institution" means a nonprofit private institution of higher education whose primary purpose is to provide collegiate, graduate, or professional education and not to provide religious training or theological education.
"Grant" means a Tuition Assistance Grant.
"Principal place of business" means the single state in which the natural persons who establish policy for the direction, control, and coordination of the operations of the institution as a whole primarily exercise that function, considering the following factors: (i) the state in which the primary executive and administrative offices of the institution are located; (ii) the state in which the principal office of the chief executive officer of the institution is located; (iii) the state in which the board of trustees or similar governing board of the institution conducts a majority of its meetings; and (iv) the state from which the overall operations of the institution are directed.
"Program" means the Tuition Assistance Grant Program.
B. From such funds as may be provided for such purpose, the Tuition Assistance Grant Program is established to provide Tuition Assistance Grants to or on behalf of Virginia students who attend eligible institutions.
C. Eligible institutions admitted to this program on or after January 1, 2011, shall (i) be formed, chartered, established, or incorporated within the Commonwealth; (ii) have their principal place of business within the Commonwealth; (iii) conduct their primary educational activity within the Commonwealth; and (iv) be accredited by a nationally recognized regional accrediting agency.
1972, c. 18, § 23-38.12; 1973, c. 2; 1975, c. 400; 1980, c. 101; 1981, c. 257; 1985, c. 520; 1998, c. 483; 1999, c. 434; 2011, cc. 419, 421; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-629. Council designated as administering agency

The Council is designated as the administering agency for the Program and may adopt regulations consistent with this article and appropriate to the administration of the Program. The Council may define by regulation such terms used in this article as "full-time," "undergraduate," "graduate," "professional," and "financial aid."
1972, c. 18, § 23-38.13; 1973, c. 2; 1981, c. 257; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-630. Maximum amount of tuition assistance per student

The annual amount of tuition assistance in the form of a grant for a Virginia student attending an eligible institution shall not exceed the annual average appropriation per full-time equivalent student for the previous year from the general fund of the state treasury for operating costs at public institutions of higher education.
1972, c. 18, § 23-38.14; 1975, c. 400; 1980, c. 101; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-631. Eligibility; duration

A. Virginia students who are obligated to pay tuition as full-time undergraduate, graduate, or professional students at an eligible institution are eligible to receive a grant for the academic year for which they enroll.
B. Eligibility for grants under the Program is limited to a total of four academic years for undergraduate students, pharmacy students, and medical students and a total of three academic years for other graduate students and professional school students. The academic years for which grants are awarded need not be in succession.
C. Grants under the Program shall be used only for undergraduate, graduate, or professional collegiate work in educational programs other than those providing religious training or theological education.
1972, c. 18, §§ 23-38.15, 23-38.16; 1973, c. 2; 1975, c. 400; 1980, c. 101; 1981, c. 257; 1987, c. 600; 2000, cc. 94, 660; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-632. Eligibility; Selective Service registration

Individuals who have failed to meet the federal requirement to register for the Selective Service are not eligible to receive grants. However, an individual who has failed to register for the Selective Service shall not be denied a right, privilege, or benefit under this section if (i) the requirement to so register has terminated or become inapplicable to the individual and (ii) the individual shows by a preponderance of the evidence that the failure to register was not a knowing and willful failure to register. The Council shall be assisted in enforcing this provision by the eligible institutions whose students benefit from the Program.
1972, c. 18, § 23-38.12; 1973, c. 2; 1975, c. 400; 1980, c. 101; 1981, c. 257; 1985, c. 520; 1998, c. 483; 1999, c. 434; 2011, cc. 419, 421; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-633. Receipt of other financial aid by students

Grants shall not be reduced by virtue of the student's receipt of any other financial aid from any other source except when the total of the grant and such other financial aid would enable the student to receive total financial assistance in excess of the estimated cost to the student of attending the institution in which he is enrolled.
1972, c. 18, § 23-38.17; 1973, c. 2; 1975, c. 400; 1980, c. 101; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-634. Prompt crediting and expeditious refunding of funds

Each eligible institution acting as an agent for students receiving grants under the Program shall promptly credit disbursed funds to student accounts following the institution's verification of student eligibility and expeditiously distribute any refunds due recipients.
1985, c. 359, § 23-38.17:1; 2000, cc. 94, 660; 2016, c. 588; 2017, c. 314.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-635. Determination of domicile; Council oversight and reports

A. For the purposes of determining a student's eligibility for a grant, the enrolling institution shall determine domicile as provided in § 23.1-502 and the Council's domicile guidelines.
B. In order to ensure consistency and fairness, the Council shall (i) require all participating eligible institutions to file student-specific data, (ii) monitor the decisions of such institutions regarding domicile, and (iii) make final decisions on any disputes between such institutions and grant applicants.
C. The Council shall report to the Governor and the General Assembly, as the Council deems necessary, on issues relating to determinations of domicile for students applying for grants.
1972, c. 18, § 23-38.18; 1973, c. 2; 1985, c. 359; 1995, c. 663; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-636. Virginia Guaranteed Assistance Program; Council to adopt regulations

A. The Virginia Guaranteed Assistance Program is created to provide financial assistance in the form of grants to eligible students for the costs of attending a public institution of higher education. Funds may be paid to any public institution of higher education on behalf of students who have been awarded grants pursuant to § 23.1-638.
B. The Council shall adopt regulations for the implementation of the provisions of this article.
1992, c. 879, § 23-38.53:4; 1994, c. 789; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-637. Virginia Guaranteed Assistance Fund

There is created in the state treasury a special nonreverting fund to be known as the Virginia Guaranteed Assistance Fund (the Fund). The Fund shall be established on the books of the Comptroller. All moneys as may be appropriated by the General Assembly and any gifts, donations, grants, bequests, or other moneys as may be received for the purposes of the Fund shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be paid to any public institution of higher education on behalf of students who have been awarded grants pursuant to the provisions of § 23.1-638. Any moneys remaining in the Fund shall be credited to the account of the Council. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the director of the Council.
1992, c. 879, § 23-38.53:5; 1994, c. 789; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-638. Eligibility; amount of grants; renewals

A. Only students who (i) are accepted for full-time enrollment at a public institution of higher education, (ii) are not receiving a Virginia Commonwealth Award, (iii) demonstrate financial need as determined by the Council, and (iv) are either (a) Virginia students who graduated from a high school in the Commonwealth with a cumulative grade point average of at least 2.5 on a scale of 4.0 or its equivalent or (b) dependent children of active duty military personnel residing outside the Commonwealth pursuant to military orders, claiming Virginia on their State of Legal Residence Certificate, and satisfying the domicile requirements for such active duty military personnel pursuant to §§ 23.1-502 and 23.1-504 and who graduated from a high school within or outside the Commonwealth with a cumulative grade point average of at least 2.5 on a scale of 4.0 or its equivalent are eligible to receive such grants.
B. Each eligible student shall receive such a grant from the institution's appropriations for undergraduate student financial assistance before Commonwealth Award grants are awarded to students with equivalent remaining need.
C. Each eligible student shall receive a grant in an amount greater than Commonwealth Award grants awarded to students with equivalent remaining need.
D. Beginning with first-time students enrolled in the fall semester in 2018, each eligible student shall receive a grant in an amount greater than the grant of each eligible student with equivalent remaining need in the next-lowest class level.
E. The amount of each grant shall vary according to each student's remaining need and the total of tuition, fees, and other necessary charges, including books. The actual amount of each grant shall be determined by the proportionate award schedule adopted by each institution.
F. All grants shall be awarded for one award year and may be renewed annually for no more than three subsequent award years, and students shall not receive subsequent grants until they have satisfied the requirements to move to the next class level. Each recipient may receive a maximum of one year of support per class level for a maximum total of four years of support at a baccalaureate public institution of higher education and a maximum total of two years of support at an associate-degree-granting public institution of higher education, provided that in no case shall a recipient receive more than a combined total of four years of support, if the recipient:
1. Maintains a cumulative grade point average of at least 2.0 on a scale of 4.0 or its equivalent;
2. Demonstrates continued financial need;
3. Makes satisfactory academic progress toward a degree; and
4. Maintains continuous full-time enrollment for not less than two semesters or three quarters in each successive award year unless the Council grants the recipient an exception for cause.
1992, c. 879, § 23-38.53:6; 1993, c. 832; 1994, c. 789; 2002, c. 114; 2016, c. 588; 2017, cc. 325, 335.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-639. Definition; construction of section

A. As used in this article, "senior citizen" means any individual who, before the beginning of any academic term, semester, or quarter in which he claims entitlement to the benefits of this article, has reached the age of 60 and has been legally domiciled in the Commonwealth for at least one year.
B. Nothing in this section shall be construed to exclude any other rules and requirements made by any public institution of higher education for all other students besides senior citizens with respect to domicile in the Commonwealth.
1974, c. 463, § 23-38.55; 1976, c. 19; 1977, c. 281; 2002, c. 521; 2003, c. 700; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-640. Senior citizens; registration and enrollment in courses

A. Any senior citizen may, subject to any regulations prescribed by the Council:
1. Register for and enroll in courses for academic credit as a full-time or part-time student if he had a taxable individual income not exceeding $23,850 for Virginia income tax purposes for the year preceding the award year;
2. Register for and audit up to three courses offered for academic credit in any one academic term, quarter, or semester for an unlimited number of academic terms, quarters, or semesters; and
3. Register for and enroll in up to three courses not offered for academic credit in any one academic term, quarter, or semester for an unlimited number of academic terms, quarters, or semesters.
B. No senior citizen who enrolls in or audits courses pursuant to subsection A shall pay tuition or fees except fees established for the purpose of paying for course materials such as laboratory fees.
C. Senior citizens are subject to the admission requirements of the institution and a determination by the institution of its ability to offer the course for which the senior citizen registers.
D. The Council shall establish procedures to ensure that tuition-paying students are accommodated in courses before senior citizens enroll in or audit courses pursuant to subsection A. However, public institutions of higher education may make individual exceptions to these procedures for any senior citizen who has completed 75 percent of the requirements for a degree.
1974, c. 463, §§ 23-38.56, 23-38.58; 1977, c. 281; 1982, c. 677; 1984, c. 371; 1988, c. 90; 1989, c. 101; 1999, c. 381; 2002, c. 521; 2015, c. 146; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-641. Catalog to include statement of benefits

Each public institution of higher education shall prominently include in its course catalog a statement of the benefits provided by this article for senior citizens.
1974, c. 463, § 23-38.59; 1977, c. 281; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 6 - Financial Assistance › § 23.1-642. Determination of senior citizen status; forms

The registrar or other admissions officer of each public institution of higher education shall determine whether an individual is a senior citizen pursuant to the provisions of this article and may require senior citizens to execute appropriate forms to request the benefits provided by this article.
1974, c. 463, § 23-38.60; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts › § 23.1-703. Chief executive officer of the Plan

A. The board shall employ a chief executive officer to direct, manage, and administer the Plan. The chief executive officer may employ such staff as are necessary to accomplish the Plan's stated objectives.
B. The chief executive officer shall demonstrate (i) extensive experience in some or all of the following areas: management, finance, law, regulatory affairs, and investments and (ii) such other qualifications as the board may set.
C. The chief executive officer shall, in addition to such other duties as the board may establish, (i) oversee the development, structure, evaluation, and implementation of the Plan's strategic goals and objectives; (ii) facilitate communication among and between the board, advisory committees, employees, account owners, beneficiaries, and outside entities interested in the Plan; (iii) enhance the board's ability to make effective and prompt decisions in all matters relating to the administration of the Plan; (iv) with the assistance of the Investment Advisory Committee appointed by the board and investment consultants, direct, manage, and administer the Plan's assets and programs; and (v) report to the board periodically and as requested by the board.
1994, c. 661, § 23-38.79; 2009, cc. 827, 845; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts › § 23.1-705. Board actions not a debt of Commonwealth

A. As used in this section, "current obligations of the Plan" means amounts required for the payment of contract benefits or other obligations of the Plan, the maintenance of the Plan, and operating expenses for the current biennium.
B. No act or undertaking of the board is a debt or a pledge of the full faith and credit of the Commonwealth or any political subdivision of the Commonwealth, and all such acts and undertakings are payable solely from the Plan.
C. Notwithstanding the provisions of subsection B, in order to ensure that the Plan is able to meet its current obligations, the Governor shall include in the budget bills submitted pursuant to § 2.2-1509 a sum sufficient appropriation for the purpose of ensuring that the Plan can meet the current obligations of the Plan. Any sums appropriated by the General Assembly for such purpose shall be deposited into the Fund. All amounts paid into the Fund pursuant to this subsection shall constitute and be accounted for as advances by the Commonwealth to the Plan and, subject to the rights of the Plan's contract holders, shall be repaid to the Commonwealth without interest from available operating revenue of the Plan in excess of amounts required for the payment of current obligations of the Plan.
1994, c. 661, § 23-38.78; 1998, c. 373; 2000, cc. 382, 400; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts › § 23.1-707.1. Prepaid tuition contracts; pricing reserves; limitations

A. As used in this section:
"Funded status" means the ratio of the assets of the Plan to the actuarially estimated value of tuition obligations of the Plan, expressed as a percentage.
"Pricing reserve" means the percentage by which the actuarially determined prepaid tuition contract price exceeds the amount estimated to meet the actuarially determined tuition obligation for such prepaid tuition contract.
B. In the event that the funded status of the Plan meets or exceeds 105 percent, the pricing reserve shall not exceed five percent.
C. In the event that the funded status of the Plan does not meet or exceed 105 percent, the pricing reserve may exceed five percent but shall not exceed 10 percent.
D. The board shall provide to the House Committee on Appropriations, the Senate Committee on Finance and Appropriations, and the Joint Legislative Audit and Review Commission written notification and a detailed explanation of any change to the pricing reserve within 30 days of such change.
2019, cc. 805, 806.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts › § 23.1-708. Assets of the Plan exempt from taxation

The assets of the Plan and their income are exempt from state and local taxation.
1994, c. 661, § 23-38.83; 2000, cc. 382, 400; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts › § 23.1-709. Annual report

On or before December 15, the board shall post on its website and submit to the Governor, the Senate Committee on Finance and Appropriations, and the House Committees on Appropriations and Finance an annual statement of the receipts, disbursements, and current investments of the Plan for the preceding year. The report shall set forth a complete operating and financial statement covering the operation of the Plan during the year and shall include a statement of projected receipts, disbursements, investments, and costs for the further operation of the Plan.
1994, c. 661, § 23-38.84; 1995, c. 315; 2000, cc. 382, 400; 2005, c. 633; 2011, cc. 18, 26; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts › § 23.1-710. Forms and audit of accounts and records

The accounts and records of the board showing the receipt and disbursement of funds from whatever source derived shall be in such form as the Auditor of Public Accounts prescribes, provided that such accounts correspond as nearly as possible to the accounts and records for such matters maintained by corporate enterprises. The Auditor of Public Accounts or his legally authorized representatives shall annually audit the accounts of the board, and the board shall bear the cost of such audit services.
1994, c. 661, § 23-38.85; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts › § 23.1-711. Admission to institutions not guaranteed; coverage limitations

Nothing in this chapter or in any prepaid tuition contract or savings trust agreement entered into pursuant to this chapter shall be construed as a promise or guarantee:
1. By the board or the Commonwealth of any admission to, continued enrollment at, or graduation from any public institution of higher education;
2. That the beneficiary's cost of tuition at an institution of higher education will be covered in full by the proceeds of the beneficiary's prepaid tuition contract, provided, however, that a prepaid tuition contract will cover that portion of tuition that is required under the terms of any such contract based on the tuition prepayments made; or
3. That any qualified higher education expense will be covered in full by contributions to or earnings on any savings trust account.
1994, c. 661, § 23-38.86; 1999, cc. 485, 518; 2016, c. 588; 2019, cc. 803, 804.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts › § 23.1-712. Payroll deductions

The Commonwealth, the agencies and localities of the Commonwealth and their subdivisions, and any employer in the Commonwealth may agree, by contract or otherwise, to remit payments or contributions on behalf of an employee toward prepaid tuition contracts or savings trust accounts through payroll deductions.
1994, c. 661, § 23-38.87; 1999, cc. 485, 518; 2009, cc. 827, 845; 2016, c. 588; 2017, c. 314.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 7 - Virginia College Savings Plan and ABLE Savings Trust Accounts › § 23.1-713. Liberal construction of chapter

Insofar as the provisions of this chapter are inconsistent with the provisions of any other general, special, or local law, the provisions of this chapter shall control. This chapter constitutes full and complete authority, without regard to the provisions of any other law, for performing the acts authorized in this chapter and shall be liberally construed to effect the purposes of this chapter.
2009, cc. 827, 845, § 23-38.87:1; 2016, c. 588.