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164.7927 Student financial aid and advancement trust fund.
(1)
(2)
(3)
(a)
The student financial aid and advancement trust fund created by KRS
164.7911 is intended to provide financial assistance that encourages
student access to postsecondary education including regionally
accredited or nationally accredited technical institutions and colleges,
community colleges, public universities, and regionally accredited private
colleges and universities.
(b) Appropriations shall be made to the trust fund and allotted to universities
and the Kentucky Community and Technical College System or to the
Kentucky Higher Education Assistance Authority as the Council on
Postsecondary Education deems appropriate. Appropriations made to this
trust fund may be used for the College Access Program, the Kentucky
Tuition Grant Program, or other student financial aid programs as
authorized by the General Assembly.
(c) The council shall establish separate subsidiary programs and related
accounts that are consistent with this section, the adopted strategic
agenda, the biennial budget process, and the availability of any resources
to the student financial aid and advancement trust fund.
(a) The Council on Postsecondary Education, in consultation with the
Kentucky Higher Education Assistance Authority, shall determine the
nature and purposes of budget requests for funding support to the student
financial aid and advancement trust fund. The determination shall be
based upon the financial assistance needs and requirements of students
of postsecondary regionally accredited or nationally accredited private or
public institutions.
(b) A minimum of twenty-five percent (25%) of the student financial aid and
advancement trust fund appropriation shall be allotted for the purpose of
assisting individuals whose available income, determined in accordance
with part F of Title IV of the Higher Education Act of 1965 as amended, is
at or below one hundred percent (100%) of the federal income poverty
guidelines. From the foregoing allotment, administrators of programs
funded under this section may exercise discretion in accordance with 20
U.S.C. sec. 1087tt in awarding student financial assistance benefits on a
case-by-case basis to individuals with disabilities, as defined by Title II of
the Americans with Disabilities Act, 42 U.S.C. secs. 12131 et seq., whose
available income is above the federal income poverty guidelines, whether
or not the student qualifies for vocational rehabilitation services. Any
funds remaining after all eligible students have been served under this
paragraph may be used for other purposes as provided in this section.
The council shall develop the criteria and process for submission of an
application under this section. Financial assistance that may be awarded by the
council shall be consistent with the adopted strategic agenda, the biennial
budget process, and the availability of any resources to the student financial
aid and advancement trust fund.
Effective:May 30, 1997
History: Created 1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 15, effective May 30,
1997.
2014-2016 Budget Reference. See State/Executive Branch Budget, 2014 Ky. Acts
ch. 117, Pt. I, K, 1, (2) at 655.
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