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Rep. Jim Hackworth - House District 33
IMMEDIATE RELEASE May
22, 2008
House Dems Expand Scholarships to
Nearly 12,000 Tennessee Students
New retention standards and need-based grants designed to help
working families, veterans, students
NASHVILLE (May 22) – On Wednesday House Democrats passed
legislation to provide for college scholarships for approximately 12,000
Tennesseans.
“This bill helps nearly 12,000 Tennesseans achieve the
American dream of earning a college degree,” said Hackworth.
“By helping more students retain the HOPE Scholarship, we’re going to
improve Tennessee’s graduation rates and erase college debt for
thousands of local students.”
The new legislation places $359.5 million of lottery
reserve funds into an endowment that is expected to produce recurring
revenues of over $27.5 million. These revenues will fund the
expansion of Tennessee’s HOPE Scholarship, reducing the retention GPA
from 3.0 to a 2.75 for the first three years of college, followed by a
per semester minimum of 3.0 for every semester after a student’s junior
year. The funds will also allow students to extend the amount of
time they may maintain the HOPE scholarship to 5 years.
“So many things can happen during a student’s college
experience, and to allow one bad semester to ruin a child’s long-term
future is against everything that the HOPE scholarship stands for,”
Hackworth said. “With these recurring dollars, we can help nearly
4,000 students a year retain their scholarship and continue their
education. Many Tennesseans have to work to get through college
and we’re going to help these folks.”
In addition to the expansion of the HOPE scholarship,
the bill also funds up to 5,000 need-based TSAC grants designed to help
students who currently qualify for financial assistance. The new
legislation will also fund the “Helping Heroes Act of 2008,” a grant
service that will assist returning Tennessee soldiers from Iraq and
Afghanistan with college and cover the shortfall that is currently
created by the federal GI Bill.
“Our brave men and women returning home from war deserve
a fully-funded college education and thanks to the Helping Heroes Act,
Tennessee soldiers will get the help they deserve,” Hackworth
said.
Upon signature by Governor Phil Bredesen, the new
legislation is slated to go into effect on July 1, 2008.
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