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Relating to the abolition of the B-On-Time student loan account and the allocation of funds remaining in that account.
Estimated Two-year Net Impact to General Revenue Related Funds for SB 1504, As
Engrossed: an impact of $0 through the biennium ending August 31, 2021.
The bill would make no appropriation but could provide the legal basis for an appropriation of
funds to implement the provisions of the bill.
SB 1504 would allow the remaining funds in the B-On-Time account to be disbursed to universities using a performance-based methodology that allocates funding based on a three-year average of the number of bachelor's degrees conferred on at-risk students. It would define an "at-risk student" to mean an undergraduate student whose SAT or ACT score is less than the national mean score and who has previously received a Pell Grant or met the Expected Family Contribution criterion for a grant under that program.
The Texas B-On-Time student loan account would be abolished on September 1, 2021, with the remaining funds used in the manner described above.
Texas Action remains neutral on SB 1504 because it does not affect our liberty principles.