Increases the maximum and minimum amounts awarded under the Access Missouri Financial Assistance Program
The impact of HB 1787 on state laws includes a reevaluation of financial aid allocations, particularly as it relates to income thresholds. The updated structure will ensure that students from families with an expected family contribution of $12,000 or less receive at least a minimum award, thus widening access to financial aid. Furthermore, the bill facilitates adjustments to award amounts based on the Consumer Price Index, which allows for periodic increases in response to economic changes, ensuring that the assistance remains relevant and supportive over time.
House Bill 1787 proposes modifications to the Access Missouri Financial Assistance Program by increasing the maximum and minimum award amounts provided to eligible undergraduate students attending approved educational institutions. The bill aims to better support students financially, as it adjusts the minimum and maximum stipends according to the type of institution—public two-year, four-year, private, or virtual. A significant enhancement involves setting specific awards for academic years 2023-24 and beyond, establishing clearer financial support parameters for students depending on their institution type.
While the goal of HB 1787 is to enhance educational funding, there may be contention surrounding the sources of funding for these increased awards. Stakeholders in the education sector may debate the adequacy of state appropriations necessary to fulfill the promises of the bill. Concerns may arise regarding the sustainability of the awarded amounts amid fluctuating budget scenarios. Furthermore, discussions may emerge regarding equity in financial assistance distribution among different institution types, ensuring that the allocation truly reflects the needs of students from diverse socioeconomic backgrounds.