HB 24-1404

House Bill 24-1404, which has been approved and is now in effect, adjusts how Colorado allocates funding for student financial aid. Previously, the law required that financial aid increases match the overall increase in state funding for higher education institutions. The new bill allows smaller financial aid allocations (less than $2 million) to be adjusted through different legislative processes, providing more flexibility for these specific funds. This change primarily affects how smaller financial aid programs are funded and administered by the state.

Official Summary

Current law requires that annual appropriations for student financial assistance increase by at least the same percentage as the aggregate percentage increase of all general fund appropriations to institutions of higher education. The act creates a limited exception for appropriations that are less than $2 million that are made through legislation other than the general appropriation act or supplemental appropriations acts. APPROVED by Governor April 18, 2024 EFFECTIVE April 18, 2024(Note: This summary applies to this bill as enacted.)

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