Colorado § 23-3.3-1502 - Financial aid for students who have experienced homelessness - creation - purpose - rules.

§ 23-3.3-1502. Financial aid for students who have experienced homelessness - creation - purpose - rules.

(1) (a) The financial assistance program for students experiencing homelessness is created in the department. The purpose of the program is to increase access to postsecondary education for students who have experienced homelessness during high school.

(b) Beginning in the 2024-25 academic year, each institution of higher education in the state shall provide financial assistance to a qualifying student for the remaining balance of the student's total cost of attendance in excess of the amount of any private, state, or federal financial assistance received by the qualifying student during the first one hundred thirty-two semester credit hours or one hundred ninety-eight quarter credit hours that the qualifying student is enrolled in the financial assistance program.

(c) In order to receive the remaining balance of financial assistance, the qualifying student must:

(I) Complete the free application for federal student aid or the Colorado application for state financial aid, including, if applicable, acknowledging past or current experience of homelessness;

(II) Request the financial assistance in accordance with policies set forth by the institution;

(III) Be enrolled in courses leading toward the qualifying student's first bachelor's degree, associate degree, or certificate of completion at an accredited institution of higher education; and

(IV) Remain in satisfactory academic standing in accordance with the academic policies of the institution and make progress toward the completion of the requirements of the educational program in which the qualifying student is enrolled.

(2) The general assembly shall appropriate money to the commission to cover fifty percent of the cost of providing the remaining balance of financial assistance to qualifying students. Subject to available appropriations, the commission shall provide funding to an institution equal to fifty percent of the remaining balance of financial assistance provided by the institution.

(3) (a) The commission shall promulgate rules necessary for the administration of this section.

(b) Each institution shall adopt policies for the administration of the financial assistance program.

Source: L. 2024: Entire part added, (HB 24-1403), ch. 124, p. 412, § 1, effective April 29.