|Date Requested: January 29, 2019
Time Requested: 08:59 AM
||Higher Education Policy Commission |
Sources of Revenue:
Creates New Expense
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Senate Bill 451, if enacted, would abolish the Underwood-Smith Teacher Loan Assistance Program and rename the Underwood-Smith Teacher Scholarship and Loan Assistance Fund as the Underwood-Smith Teaching Scholars Program Fund. In addition, the legislation would modify the program purpose to target certain academic disciplines and emphasize the academic distinction of award recipients. The bill would also modify award eligibility, renewal, and service agreement criteria to reflect a modified program purpose. The legislation would also require that certain mentoring services be provided to award recipients and would preserve eligibility and service agreement criteria for current award recipients. The amount of an award would be modified and tuition and fee charges for program recipients would be limited.
It is estimated that the annual costs associated with this program upon full implementation would be approximately $1.1 million. Because the Higher Education Policy Commission currently receives about $328,000 for the Underwood Smith Teach Loan Assistance Program, the appropriation increase required upon full implementation of the program would be about $772,000. The current $328,000 appropriation would need to be continued for several years to phase out the Underwood Smith Teacher Loan Assistance Program.
Fiscal Note Detail
|Effect of Proposal
|1. Estmated Total Cost
|Repairs and Alterations
|2. Estimated Total Revenues
Explanation of above estimates (including long-range effect):
Upon full implementation 100 scholarships would be awarded per year. The program would award 25 new scholarships each year. The annual scholarship award amount would be $7,200.
100 Scholarships: $ 720,000
Mentor Stipends 150,000
Mentor Training: 75,000
Annual Scholar Summit: 75,000
Advertising Administrative: 80,000
Total Costs: $1,100,000
In the initial year, 25 scholarships would be awarded at a total cost of $180,000. The other costs associated with the program would remain constant from the initiation of the program through its full implementation. The total appropriation increase required for the initial year would be $560,000.
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