VirginiaSB1672026 Regular SessionSenateWALLET

Higher ed. financial aid programs; amends provisions, Va. Commonwealth Award established, report.

Sponsored By: Schuyler T. VanValkenburg (Democratic)

Signed by Governor

Summary

Public institutions of higher education; financial aid review and consolidation; Virginia Guaranteed Assistance Program and Fund; Virginia Commonwealth Award established; work group; report. Amends several provisions relating to higher education financial aid programs for the purpose of establishing the Virginia Commonwealth Award in the Code of Virginia and consolidating the Virginia Guaranteed Assistance Program and Fund with the Virginia Commonwealth Award. Currently, the Virginia Commonwealth Award is established and administered only in the Virginia Administrative Code. In consolidating and establishing such financial aid programs as the Virginia Commonwealth Award, the bill codifies several definitions and provisions relating to award eligibility and renewal for undergraduate students and graduate students. The bill also repeals a provision of law establishing the Virginia Guaranteed Assistance Fund. The bill directs the State Council of Higher Education for Virginia to promulgate emergency regulations for the administration of financial aid in accordance with the provisions of the bill by April 1, 2027. The bill also directs the Secretary of Education to (i) establish a work group to conduct a comprehensive review of higher education financial aid systems and processes in the Commonwealth and make recommendations on strategies for maximizing the efficacy and impact of state financial aid appropriations on accessibility and affordability of and student outcomes in higher education in the Commonwealth and (ii) submit to the chairs of the applicable committees of the General Assembly by July 1, 2027, a report on the work group's findings and recommendations. Finally, the bill provides for the gradual phase-out of the award of grants under the Virginia Guaranteed Assistance Program by (a) prohibiting any first-time students from being offered a grant under the Virginia Guaranteed Assistance Program beginning with first-time students enrolled in the fall semester of 2027 and (b) permitting any public institution of higher education to provide for the annual renewal of grant awards under such program for no more than three subsequent award years, or up to a total of four award years, to any student who receives a grant during the 2026–2027 school year and continues to meet the requirements for grant renewal set forth in applicable law. This bill is identical to HB 1221.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 1 costs, 0 mixed.

State grants help eligible Virginia undergraduates

The Virginia Commonwealth Award provides grants for eligible undergraduates at Virginia public colleges. Students must attend at least half-time when enrollment is locked for term aid, meet Virginia domicile rules, and show financial need. They must meet applicable Selective Service rules; the stated exception requires proof that failure to register was not knowing and willful. Awards cover remaining financial need up to tuition, fees, and necessary charges, including books. Renewal requires satisfactory academic progress and continued eligibility, with up to three additional award years after the first. Support is limited to two years for associate programs, four years combined, and one year per class level.

Old grants end for new students

Starting with first-time students enrolled in fall 2027, schools cannot offer new Virginia Guaranteed Assistance Program grants. The Virginia Commonwealth Award replaces that program for new students. Students who received an old-program grant in 2026–2027 can receive renewals if they continue meeting the former renewal requirements. Schools may provide up to three additional award years, with no more than four total, including the first.

New state grants for graduate students

Graduate students at Virginia public colleges can qualify for a Commonwealth Award in an eligible program. They must attend full-time when enrollment is locked for term aid and show financial need or meet school-set criteria. Schools set award amounts using funds appropriated for graduate awards. Each school must report its maximum graduate award to Virginia’s higher education council annually. Renewal requires satisfactory academic progress and continued full-time enrollment in an eligible program.

Sponsors & Cosponsors

Sponsor

  • Schuyler T. VanValkenburg

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 267 • No: 0

Senate vote • 2/27/2026

House substitute agreed to by Senate

Yes: 39 • No: 0

House vote • 2/25/2026

Passed House with substitute Block Vote

Yes: 97 • No: 0

House vote • 2/20/2026

Reported from Appropriations with substitute

Yes: 22 • No: 0

Senate vote • 2/9/2026

Read third time and passed Senate Block Vote

Yes: 40 • No: 0

Senate vote • 2/6/2026

Engrossed by Senate Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote • 2/5/2026

Constitutional reading dispensed Block Vote (on 1st reading)

Yes: 40 • No: 0

Senate vote • 2/5/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote • 2/4/2026

Reported from Finance and Appropriations

Yes: 15 • No: 0

Senate vote • 1/22/2026

Reported from Education and Health and rereferred to Finance and Appropriations

Yes: 14 • No: 0

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0273)

    4/6/2026Governor
  2. Approved by Governor-Chapter 273 (effective 7/1/2026)

    4/6/2026Governor
  3. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/10/2026Governor
  4. Enrolled Bill communicated to Governor on March 10, 2026

    3/10/2026Senate
  5. Fiscal Impact Statement from Department of Planning and Budget (SB167)

    3/5/2026Senate
  6. Bill text as passed Senate and House (SB167ER)

    3/4/2026Senate
  7. Enrolled

    3/4/2026Senate
  8. Signed by President

    3/4/2026Senate
  9. Signed by Speaker

    3/4/2026House
  10. House substitute agreed to by Senate (39-Y 0-N 0-A)

    2/27/2026Senate
  11. Passed House with substitute Block Vote (97-Y 0-N 0-A)

    2/25/2026House
  12. Engrossed by House - committee substitute

    2/25/2026House
  13. committee substitute agreed to

    2/25/2026House
  14. Read third time

    2/25/2026House
  15. Fiscal Impact Statement from Department of Planning and Budget (SB167)

    2/25/2026Senate
  16. Read second time

    2/24/2026House
  17. Committee substitute printed 26108244D-H1

    2/20/2026House
  18. Reported from Appropriations with substitute (22-Y 0-N)

    2/20/2026House
  19. House committee offered

    2/20/2026House
  20. Assigned HAPP sub: Higher Education

    2/12/2026House
  21. Referred to Committee on Appropriations

    2/12/2026House
  22. Read first time

    2/12/2026House
  23. Placed on Calendar

    2/12/2026House
  24. Read third time and passed Senate Block Vote (40-Y 0-N 0-A)

    2/9/2026Senate
  25. Engrossed by Senate Block Vote (Voice Vote)

    2/6/2026Senate

Bill Text

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