Revamped Program Is Estimated to Cost $2.6 Billion at Full Implementation. CSAC has also updated the state’s cost estimate for the revamped Middle Class Scholarship program, using more detailed student?level data on cost of attendance and resources than was available when the 2021?22 budget was enacted. Based on the updated estimates, it would cost $2.6 billion to cover 100 percent of each student’s remaining costs after accounting for other available gift aid, a student work contribution, and any applicable parent contribution. (This estimated cost is only slightly less than the $2.8 billion that the state is projected to spend on Cal Grants in 2022?23.)
Governor’s Budget Partially Funds Revamped Program. In accordance with the 2021?22 budget agreement, the Governor’s budget provides an augmentation of $515 million ongoing General Fund for the revamped Middle Class Scholarship program. This is enough to cover an estimated 24 percent of total program costs (with each student’s award adjusted accordingly). Our Middle Class Scholarship Program table compares projected recipients, spending, and award amounts under the revamped program in 2022?23, compared to under the https://worldpaydayloans.com/payday-loans-va/blackstone/ original program in 2020?21 and 2021?22.
New Positions
Below, we provide background on CSAC staffing, describe the Governor’s proposal to add new positions to implement program expansions, assess that proposal, and provide an associated recommendation. Continue reading “When combined with current funding for the original program, the funding to $632 million in 2022?23”