Governor Timothy M. Kaine today released the state’s official revenue forecast and announced measures to address the shortfall in a speech to the Joint Money Committees.
Despite the budget cuts most state entities are being asked to make, the Governor’s introduced budget includes nearly $26 million in additional money for need-based financial aid. This money will bring every public institution in Virginia up to at least 65% of targeted financial aid levels recommended by SCHEV.
Governor Kaine’s introduced budget also includes increases in the Community College Transfer Grant program, helping more students begin their higher educations at a two-year college and then transfer to a four-year institution to get their degrees at a lower cost to their families.
Though there are many challenges ahead, the Governor’s proposal to increase financial aid is a definite sign of the value he places on higher education.