Virginia House Bill HB694

Virginia 2022 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22
• Report Pass: 2/2/22
• Refer: 2/2/22

Caption

Commonwealth College Completion Fund and Program; established.

Impact

By creating the Commonwealth College Completion Fund, the bill aims to alleviate financial barriers that prevent students from completing their education. The fund will be administered by the Council, which is responsible for establishing guidelines for eligible expenses and the criteria students must meet to receive assistance. This initiative is expected to have a positive impact on retention rates at institutions of higher education, thereby supporting the overall workforce development goals of the state.

Summary

House Bill 694, known as the Commonwealth College Completion Fund and Program, seeks to establish a dedicated fund within the state treasury to support students enrolled in public and nonprofit private institutions of higher education in Virginia. The intent of the bill is to assist these students with non-tuition financial transactions and costs that hinder their ability to reenroll or register for courses necessary to complete their degrees or certifications. The fund is designed to be non-reverting, meaning any remaining funds at the end of a fiscal year will stay in the fund and continue to support its purpose.

Contention

There may be points of contention related to how the fund is financed and whether it will rely partially on federal funds, such as those from proposed federal initiatives like the Build Back Better Act. Additionally, some stakeholders may raise concerns about the criteria established for eligibility and the effectiveness of the fund in truly addressing the diverse needs of students facing financial hardships. The bill had a favorable vote in the initial stages, but its long-term implications warrant careful consideration and discussion among lawmakers and educational institutions.