C.R.S. Section 23-3.1-206.9
Colorado collegeinvest scholarship program

  • administration
  • fund
  • policies

(1)

There is hereby created the Colorado collegeinvest scholarship program for the purpose of increasing access to postsecondary education. The Colorado collegeinvest scholarship program shall be implemented and administered by the authority. A scholarship under the Colorado collegeinvest scholarship program may be awarded only to an undergraduate student who, each year:

(a)

Intentionally left blank —Ed.

(I)

Attends a state institution of higher education or a participating private institution of higher education as defined in section 23-18-102 (8) and is eligible to receive a stipend pursuant to article 18 of this title; or

(II)

Attends a local district college that is part of a local college district organized pursuant to article 71 of this title; or

(III)

Attends an area technical college, as defined in section 23-60-103 (1), and is earning postsecondary credits that may be transferred into an associate degree program at a community college or into a degree program at a four-year institution of higher education as provided in section 23-1-108 (7) and the state credit transfer policies established by the Colorado commission on higher education; and

(b)

Demonstrates financial need through the student’s eligibility for the federal Pell grant or its successor program; and

(c)

Meets any other eligibility requirements established by the board, which shall include but need not be limited to requiring the student to maintain a high school cumulative grade point average of at least 2.5.

(2)

Intentionally left blank —Ed.

(a)

The Colorado collegeinvest scholarship trust fund, which is hereby created, shall consist of moneys deposited into the fund by the authority, any moneys appropriated to the fund by the general assembly, and any gifts, grants, and donations received by the authority for the Colorado collegeinvest scholarship program. Moneys deposited into the Colorado collegeinvest scholarship trust fund shall be deemed to be trust funds and shall be administered by the authority and shall be used for the direct and indirect costs of implementing and administering, including marketing, the Colorado collegeinvest scholarship program and may be used for need-based financial aid. Annual expenditures on direct marketing shall not exceed five percent of the annual revenue of the trust. Any unexpended and unencumbered moneys remaining in the Colorado collegeinvest scholarship trust fund at the end of a fiscal year shall remain in the fund and shall not be credited or transferred to the general fund or to any other fund. Any moneys appropriated by the general assembly to the Colorado collegeinvest scholarship trust fund shall be subject to annual appropriation.

(b)

Notwithstanding the provisions of paragraph (a) of this subsection (2) to the contrary, on July 1, 2009, of moneys credited to the Colorado collegeinvest scholarship trust fund other than moneys transferred from the student loan guarantee fund created in section 23-3.1-107 (1)(a), the state treasurer shall deduct fifteen million dollars from the Colorado collegeinvest scholarship trust fund and transfer such sum to the general fund.

(c)

Notwithstanding any provision of paragraph (a) of this subsection (2) to the contrary, of moneys credited to the Colorado collegeinvest scholarship trust fund other than moneys transferred from the student loan guarantee fund created in section 23-3.1-107 (1)(a), the state treasurer shall deduct twenty-nine million eight hundred thousand dollars from the Colorado collegeinvest scholarship trust fund and transfer such sum to the general fund if the revenue estimate prepared in June of 2010 in accordance with section 24-75-201.3 (2), C.R.S., indicates for the fiscal year commencing July 1, 2010, that general fund expenditures for that fiscal year based on appropriations enacted by law will result in the use of more than three-eighths of the reserve required by section 24-75-201.1 (1)(d), C.R.S., or if the revenue estimate prepared in September or December of 2010 or in March or June of 2011 in accordance with section 24-75-201.3 (2), C.R.S., indicates for the fiscal year commencing July 1, 2010, that general fund expenditures for that fiscal year based on appropriations then in effect will result in the use of more than three-eighths of the reserve required by section 24-75-201.1 (1)(d), C.R.S.; however, said amount shall be deducted and transferred by the state treasurer only once pursuant to this paragraph (c).

(3)

The board shall adopt any policies necessary for the implementation and administration of the Colorado collegeinvest scholarship program, which shall include but need not be limited to implementing the program for the high school graduating class of 2008, providing awards to both part-time and full-time students, and specifying that a scholarship under the program shall only be paid to a student for up to five academic years. The board shall develop an application for the Colorado collegeinvest scholarship program that shall be returned as specified by the board. The application shall include the requirements for and the disqualifications from the Colorado collegeinvest scholarship program. The policies adopted by the board for the implementation and administration of the Colorado collegeinvest scholarship program shall be approved by the executive director.

(4)

Notwithstanding section 24-1-136 (11)(a)(I), on or before February 1 of each year, the board shall report to the education committees of the senate and the house of representatives, or any successor committees, on the status of the Colorado collegeinvest scholarship program. The report shall include, but need not be limited to, the financial status of the Colorado collegeinvest scholarship trust fund, the amount of money annually spent on administration, the average scholarship award amount, and the number of students participating in the Colorado collegeinvest scholarship program.

Source: Section 23-3.1-206.9 — Colorado collegeinvest scholarship program - administration - fund - policies, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

23‑3.1‑101
Legislative declaration 23‑3.1‑102
Definitions 23‑3.1‑103
Division created - director - staff 23‑3.1‑103.5
Enterprise status of division 23‑3.1‑104
Duties and powers of division - rules 23‑3.1‑104.5
Additional powers of division 23‑3.1‑104.7
Restructuring plan - legislative declaration 23‑3.1‑106
Student loan program established 23‑3.1‑106.5
Special funds 23‑3.1‑107
Student loan guarantee fund - created 23‑3.1‑108
Age qualification 23‑3.1‑109
Subject to audit 23‑3.1‑110
Designation as sole state agency 23‑3.1‑111
Authority of division to enter into agreements to provide administrative and guarantee services 23‑3.1‑112
Authority and power of the division to guarantee, originate, service, make, and purchase consolidation loans and refinancing loans 23‑3.1‑201
Legislative declaration 23‑3.1‑202
Definitions 23‑3.1‑203
Authority - creation - membership - transfer of personnel 23‑3.1‑204
Organizational meeting - chairperson - conflict of interest 23‑3.1‑205
Meetings of board - quorum - expenses 23‑3.1‑205.3
Transfer of property 23‑3.1‑205.4
Collegeinvest fund - creation - control - use 23‑3.1‑205.5
Collegeinvest - enterprise status 23‑3.1‑205.7
Department of higher education - executive director - powers and duties 23‑3.1‑206
General powers and duties of the authority 23‑3.1‑206.5
Servicing of student obligations and institutional loans 23‑3.1‑206.7
Prepaid expense program 23‑3.1‑206.9
Colorado collegeinvest scholarship program - administration - fund - policies 23‑3.1‑207
Notes 23‑3.1‑208
Bonds 23‑3.1‑209
Negotiability of bonds 23‑3.1‑210
Security for bonds and notes 23‑3.1‑211
Personal liability 23‑3.1‑212
Purchase 23‑3.1‑213
Payment of bonds and advance payment contracts - limited liability of state 23‑3.1‑214
Exemption from taxation - securities law 23‑3.1‑215
Fees 23‑3.1‑216
Investment of funds 23‑3.1‑217
Proceeds as trust funds 23‑3.1‑217.5
Claims of creditors - exemption 23‑3.1‑218
Agreement of the state not to limit or alter rights of obligees 23‑3.1‑219
Enforcement of rights of bondholders 23‑3.1‑220
Bonds eligible for investment 23‑3.1‑221
Account of activities - receipts for expenditures - report - audit 23‑3.1‑222
Federal social security act 23‑3.1‑223
Powers of authority not restricted 23‑3.1‑224
Contract powers of state-supported institutions of higher education - nonliability of state 23‑3.1‑225
Confidentiality of records 23‑3.1‑226
Policies for promotion and disclosure of program information 23‑3.1‑301
Legislative declaration 23‑3.1‑302
Definitions 23‑3.1‑303
Department - purpose - powers - duties 23‑3.1‑304
Authority - purpose - powers - duties 23‑3.1‑305
Financial institutions - managers - purpose - selection - requirements - contracts 23‑3.1‑306
Accounts - contributions - withdrawals - penalties - statements 23‑3.1‑306.5
College kickstarter account program - funding - administration - financial literacy course - rules - legislative declaration - definitions 23‑3.1‑307
Limitations 23‑3.1‑307.1
Personal liability 23‑3.1‑307.3
Proceeds as trust funds 23‑3.1‑307.4
Claims of creditors - exemption 23‑3.1‑307.5
Confidentiality of records 23‑3.1‑307.9
Policies for promotion and disclosure of program information 23‑3.1‑308
Residency 23‑3.1‑309
Tax exemption 23‑3.1‑311
Achieving a better life experience (ABLE) savings program - establishment - authority - powers - duties
Green check means up to date. Up to date

Current through Fall 2024

§ 23-3.1-206.9’s source at colorado​.gov