KRS 164.7927: Student financial aid and advancement trust fund.

(1) (a) The student financial aid and advancement trust fund created by KRS

164.7911 is intended to provide financial assistance that encourages student

access to postsecondary education including regionally accredited or

nationally accredited technical institutio ns and colleges, community colleges,

public universities, and regionally accredited private colleges and universities.

(b) Appropriations shall be made to the trust fund and allotted to universities and

the Kentucky Community and Technical College System o r to the Kentucky

Higher Education Assistance Authority as the Council on Postsecondary

Education deems appropriate. Appropriations made to this trust fund may be

used for the College Access Program, the Kentucky Tuition Grant Program,

or other student fin ancial aid programs as authorized by the General

Assembly.

(c) The council shall establish separate subsidiary programs and related accounts

that are consistent with this section, the adopted strategic agenda, the biennial

budget process, and the availabi lity of any resources to the student financial

aid and advancement trust fund.

(2) (a) The Council on Postsecondary Education, in consultation with the Kentucky

Higher Education Assistance Authority, shall determine the nature and

purposes of budget reques ts for funding support to the student financial aid

and advancement trust fund. The determination shall be based upon the

financial assistance needs and requirements of students of postsecondary

regionally accredited or nationally accredited private or public institutions.

(b) A minimum of twenty -five percent (25%) of the student financial aid and

advancement trust fund appropriation shall be allotted for the purpose of

assisting individuals whose available income, determined in accordance with

part F of Ti tle IV of the Higher Education Act of 1965 as amended, is at or

below one hundred percent (100%) of the federal income poverty guidelines.

From the foregoing allotment, administrators of programs funded under this

section may exercise discretion in accorda nce with 20 U.S.C. sec. 1087tt in

awarding student financial assistance benefits on a case -by-case basis to

individuals with disabilities, as defined by Title II of the Americans with

Disabilities Act, 42 U.S.C. secs. 12131 et seq., whose available income is

above the federal income poverty guidelines, whether or not the student

qualifies for vocational rehabilitation services. Any funds remaining after all

eligible students have been served under this paragraph may be used for other

purposes as provided in this section.

(3) The council shall develop the criteria and process for submission of an application

under this section. Financial assistance that may be awarded by the council shall be

consistent with the adopted strategic agenda, the biennial budget pr ocess, and the

availability of any resources to the student financial aid and advancement trust

fund.