Sec. 10a-42g. Amount for need-based undergraduate student financial aid. - Connecticut Statutes

      Sec. 10a-42g. Amount for need-based undergraduate student financial aid. Commencing with the fiscal year ending June 30, 1988, and for each fiscal year thereafter, an independent college or university participating in the Connecticut independent college student grant program pursuant to sections 10a-36 to 10a-42a, inclusive, shall annually submit to the Board of Governors of Higher Education, at such time and in such manner as the Commissioner of Higher Education prescribes, a report of the total amount of need-based undergraduate student financial aid for Connecticut students, based on the information reported by such institution to the United States Department of Education, which was expended from institutional funds during the prior fiscal year. The report shall include an explanation of any significant variations in the amounts of such aid expended from institutional funds between the fiscal year two years prior and the fiscal year one year prior. The board may require an institution participating in the Connecticut independent college student grant program to provide need-based undergraduate student financial aid for Connecticut students from institutional funds, provided the amount of such required aid not exceed an amount equal to the percentage at which the annual Connecticut independent college student grant program appropriation is funded pursuant to section 10a-39 times the Connecticut independent college student grant program allocation to an institution in that fiscal year.

      (P.A. 87-450, S. 2, 17; P.A. 94-180, S. 4, 17.)

      History: P.A. 94-180 required annual report to the Board of Governors, deleted requirement that participating colleges and universities expend a required amount of institutional funds for need-based student financial aid and added authorization for the board to require such expenditure, effective July 1, 1994.