Massachusetts § 2NNNNNN - Public Higher Education Student Support Fund

§ 2NNNNNN. Public Higher Education Student Support Fund

[ Text of section added by 2025, 73, Sec. 19 effective November 25, 2025.]

  Section 2NNNNNN. (a) There shall be established and set up on the books of the commonwealth a separate, non-budgeted special revenue fund known as the Public Higher Education Student Support Fund, which shall be administered by the secretary of education. The fund shall be credited with: (i) appropriations or other money authorized or transferred by the general court and specifically designated to be credited to the fund; (ii) funds from public and private sources, including, but not limited to, gifts, grants and donations; and (iii) interest earned on any money in the fund.

  (b) Amounts credited to the fund shall be expended, without further appropriation, to: (i) supplement financial aid awards to students at public institutions of higher education to prevent a reduction in aid relative to the amount awarded in the prior fiscal year or relative to amounts established subject to appropriation in statute or regulation, which shall include, but not be limited to, the maintenance of the no cost community college program under section 5B of chapter 15A of the General Laws; (ii) supplement allocations to public institutions of higher education for financial aid programs to prevent a reduction in allocation from the prior fiscal year; or (iii) otherwise maintain financial aid benefits to students relative to prior year benefit levels. The secretary of education shall provide notice to the secretary of administration and finance, the clerks of the house of representatives and senate and the house and senate committees on ways and means not less than 15 days prior to expending funds from the Public Higher Education Student Support Fund, including, but not limited to, the purpose and amount of each expenditure.

  (c) The unexpended balance in the fund at the end of a fiscal year shall remain available for expenditure in subsequent fiscal years. No expenditure made from the fund shall cause the fund to be in deficit.