When combined with current funding for the original program, the funding to $632 million in 2022?23

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 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.

Background

CSAC Has About 140 Authorized Positions Across Several Divisions. In 2021?22, CSAC has 137.5 authorized ongoing positions, as well as 2.2 temporary positions. These positions span seven divisions, the largest of which are program administration and services, information technology (IT), fiscal and administrative services, and the executive division. Read more

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Promise or free tuition programs cropping up in some states are also worth examining, Perna said. New York, Maryland and other states have proposed new and expanded programs to pay college costs for eligible students. The movement toward these programs suggests an opportunity to think about how different sources of financial aid come together to ensure that all students have the financial resources that are needed to pay the cost of https://www.getbadcreditloan.com/payday-loans-wi/waterford/ going to college.

Pell Grants, designed to help lower-income students, haven’t kept pace with the growth of tuition, and so over time, their purchasing power has declined, notes Perna.

An expanded income-based repayment system should be the standard for students, said Webber, with low payments or none at all for those making little money. It should be a little kinder to people at the lower end of the distribution but for people who are making more, it should be maybe not as generous as they are being right now. But we also want to provide a safety net for the people who didn’t get the same, whether it’s luck or whatever.

If you are getting the benefit of a college education and get a job that pays you a lot of money, you took out the loans, you should be paying for it

Right now there is, frankly, very little accountability that schools have; they practically have no skin in the game. Read more

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