Bill Text: TX SB1504 | 2019-2020 | 86th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the abolition of the B-On-time student loan account and the allocation of funds remaining in that account.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2019-06-10 - Effective immediately [SB1504 Detail]
Download: Texas-2019-SB1504-Introduced.html
Bill Title: Relating to the abolition of the B-On-time student loan account and the allocation of funds remaining in that account.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2019-06-10 - Effective immediately [SB1504 Detail]
Download: Texas-2019-SB1504-Introduced.html
By: Zaffirini | S.B. No. 1504 | |
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relating to the allocation of funds remaining in the B-On-Time | ||
student loan account following the abolition of that account. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 56.0092, Education Code, is amended to | ||
read as follows: | ||
(a) The Texas B-On-time student loan account previously | ||
established by former Section 56.463 continues as an account in the | ||
general revenue fund. The account consists of: | ||
(1) gifts and grants; | ||
(2) any legislative appropriations received for the | ||
purpose of awarding Texas B-On-time student loans to students who | ||
qualify and establish eligibility for the loans as described by | ||
Subsection (c), for Subsection (e), and for discharging any other | ||
remaining obligations under the former Texas B-On-time student loan | ||
program; | ||
(3) tuition set aside under Section 56.465, as that | ||
section existed immediately before September 1, 2015, for a | ||
semester or term occurring before the 2015 fall semester; | ||
(4) bond proceeds deposited under Section 52.91(a); | ||
and | ||
(5) any other money in the account on September 1, | ||
2015. | ||
(b) Money in the Texas B-On-time student loan account may be | ||
used |
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loans awarded under the Texas B-On-time student loan program as | ||
provided by Subsection (c) for a semester or term occurring before | ||
the 2020 fall semester or for purposes of Subsection (e). | ||
(c) Beginning with the 2015 fall semester, the coordinating | ||
board may not award an initial Texas B-On-time student loan under | ||
the Texas B-On-time student loan program. The coordinating board | ||
may award, for a semester or term occurring before the 2020 fall | ||
semester, a subsequent Texas B-On-time student loan to an eligible | ||
student who received an initial Texas B-On-time student loan before | ||
the 2015-2016 academic year. For Texas B-On-time student loans to | ||
be awarded as described by this subsection: | ||
(1) students may qualify and establish continued | ||
eligibility, as applicable, under Subchapter Q as that subchapter | ||
existed immediately before September 1, 2015; and | ||
(2) the coordinating board may make loans using any | ||
money available for the purposes of the former Texas B-On-time | ||
student loan program. | ||
(d) On September 1, 2021 |
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account is abolished, and any remaining money in the account may be | ||
appropriated only to eligible institutions in the manner provided | ||
by Subsection (e). | ||
(e) An appropriation under Subsection (d) must be made in | ||
accordance with a performance-based methodology that allocates | ||
funding among eligible institutions based on a three-year average | ||
of the number of bachelor's degrees conferred on at-risk student. | ||
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(f) In this section, "eligible institution" means a general | ||
academic teaching institution described by Section 56.451(2)(A) or | ||
a medical and dental unit described by Section 56.451(2)(B), as | ||
those paragraphs existed immediately before September 1, 2015. | ||
(g) In this section, "at-risk student" means an | ||
undergraduate student of an institution of higher education: | ||
(1) whose score on the Scholastic Assessment Test | ||
(SAT) or the American College Test (ACT), excluding the optional | ||
essay component, is less than the national mean score of students' | ||
scores on that test; or | ||
(2) who has previously received a grant under the | ||
federal Pell Grant program or met the Expected Family Contribution | ||
(EFC) criterion for a grant under that program. | ||
SECTION 2. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2019. |