SB1528

THE CONTEXT: Arizona Financial Aid Trust Fund (AFAT) The Arizona Board of Regents (ABOR) may establish AFAT to provide immediate aid to students with verifiable financial need and create an endowment for future financial aid. AFAT consists of three primary funding sources: 1) student registration fees; 2) state General Fund monies; and 3) if applicable, 20% of cumulative net income earned by the universities from the sale or transfer of intellectual property exceeding $1,000,000.

WHAT THE BILL DID: The final vetoed version would as session law for FY 2024, authorizes each dollar raised by the surcharge on student registration fees assessed pursuant to AFAT to be matched by less than $2 appropriated by the Legislature and as session law for FY 2024, states STEM and workforce programs state aid and operating state aid for CCDs are as specified in the General Appropriations Act.

WHY IT MATTERED: The practical reason for this bill was to give students, families, and schools a clearer statewide rule for higher education. It would as session law for FY 2024, authorizes each dollar raised by the surcharge on student registration fees assessed pursuant to AFAT to be matched by less than $2 appropriated by the Legislature, and would also as session law for FY 2024, states STEM and workforce programs state aid and operating state aid for CCDs are as specified in the General Appropriations Act, rather than leave the current rule unchanged.