FISCAL NOTE
Date Requested: January 12, 2024
Time Requested: 05:45 PM |
| Agency: |
Higher Education Policy Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1211 |
Introduced |
SB361 |
|
|---|
| CBD Subject: |
Education (Higher) |
|---|
|
FUND(S):
General
Sources of Revenue:
General Fund
Legislation creates:
Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill creates the Promise for a Promise Act, which awards PROMISE Scholarship recipients' credit for one year of the scholarship amount for each year the recipient remains in the State of West Virginia after graduation up to a maximum of four years. If the scholarship recipient leaves the state before the four-year period has concluded, the student must repay the scholarship amount equal to the years remaining. The program is to be administered by the Higher Education Policy Commission. The proposed amendment would increase the costs of State government as it would necessitate additional annual costs to administer the Promise scholarship program. The estimated cost is $365,000.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2024
Increase/Decrease
(use"-") |
2025
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
365,000 |
365,000 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The estimate is based on the following considerations and assumptions:
- The current cost for ECSI Services, the agency’s student loan servicer, to track students relative to repayment is about $21,500 per 1,000 students.
- The total number of graduates to be tracked over three graduating cohorts is estimated at 10,000.
- Because of the high number of graduates who will need to be tracked if the bill passes, the agency will need to create additional positions to manage the repayment aspect of the Promise scholarship program.
Memorandum
Person submitting Fiscal Note: Misty Price
Email Address: misty.price@wvhepc.edu