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ACT NO. 27

(H.290)

Postsecondary Education; Vermont Higher Education Endowment Trust Fund; Commission on Higher Education Funding; State Workforce Investment Board; Federal Family Education Loan Program

This act creates a Vermont Higher Education Endowment Trust Fund to make funds available to the University of Vermont, the Vermont State Colleges and the Vermont Student Assistance Corporation for non-loan financial aid for Vermont students attending a Vermont postsecondary institution, and to UVM and VSC, on a two-to-one matching basis, for the purpose of creating or increasing a permanent endowment. In addition, the act creates a Commission on Higher Education Funding for the purpose of developing and refining Vermont's higher education goals and recommending state financial support which will help higher education institutions to meet the goals. The commission is also charged with reviewing expenditures from the endowment trust fund and making recommendations for further expenditures from the fund..

Act 27 also establishes the Human Resources Investment Council (HIRC) as the Vermont State Workforce Investment Board for purposes of the Federal Workforce Investment Act of 1998, and somewhat revises the composition and mandate of the board in order to comply with the federal act. The mandates of the regional workforce investment boards are also somewhat revised to ensure greater consistency with the work of the HRIC.

Finally, the act directs the Commission on Higher Education Funding to study the effects of allowing Vermont students to borrow from the Federal Family Education Loan Program.

Effective Date: July 1, 1999, except the provisions relating to the state and regional workforce investment boards which took effect on May 19, 1999.