UH; Student scholarship and assistance special fund
Establishes a student scholarship and assistance special fund within the University of Hawaii to administer financial assistance and obtain additional tuition and scholarship support and matching moneys from federal and private sources. (HB1710 HD2)
HOUSE OF REPRESENTATIVES
TWENTY-SECOND LEGISLATURE, 2004
STATE OF HAWAII
A BILL FOR AN ACT
RELATING TO THE UNIVERSITY OF HAWAII.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that scholarships for students to enroll at the University of Hawaii are essential to advance the university's mission of access, academic excellence, diversity, and service to the State. A student scholarship and assistance special fund will provide to the university a mechanism to administer financial assistance and, where appropriate, obtain additional tuition and scholarship support and matching funds from federal and private sources.
Additionally, under the HOPE scholarship tax credit, during the first two years of college, a student, or the parents of a dependent student, may receive a tax credit for eligible educational expenses. For the purposes of the tax credit, scholarship moneys received by a student count as eligible expenses.
The University of Hawaii currently grants tuition waivers in lieu of scholarship moneys, which keep many needy students and families from taking advantage of the HOPE scholarship tax benefits. This Act will allow the University of Hawaii to provide scholarships that will be paid back as tuition, thereby enabling students and their families to participate in the HOPE Scholarship program.
The purpose of this Act is to:
(1) Establish the student scholarship and assistance special fund to enable the University of Hawaii to provide scholarships to students; and
(2) Appropriate $20,000,000 from the special fund.
SECTION 2. Chapter 304, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§304- Student scholarship and assistance special fund. (a) There is established a University of Hawaii student scholarship and assistance special fund, into which shall be deposited:
(1) Appropriations by the legislature;
(2) Moneys received from federal sources;
(3) Donations from private sources; and
(4) Interest earned or accrued on moneys in the special fund.
Expenditures from the fund shall be used solely to provide financial assistance to qualified students enrolled at any campus of the University of Hawaii.
(b) The fund shall be managed by the University of Hawaii, which shall also make expenditures from the fund. The university may transfer funds at its disposal into the special fund to be expended for the purpose provided in this section."
SECTION 3. There is appropriated out of student scholarship and assistance special fund the sum of $20,000,000 or so much thereof as may be necessary for fiscal year 2004-2005, for the University of Hawaii to provide financial assistance to qualified students.
The sum appropriated shall be expended by the University of Hawaii for the purposes of this Act.
SECTION 4. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2010.