Bill > HB2123

This bill modifies provisions governing funding for higher education by establishing a new Higher Education Academic Scholarship Program and creating the "Missouri Higher Education Workforce Policy Prioritization Act." The scholarship program, administered by the coordinating board for higher education, will provide scholarships to Missouri residents who meet specific academic criteria, including achieving a qualifying score on the ACT or SAT, and who are enrolled in an approved Missouri college or university. The scholarship amounts will vary based on test scores, with higher awards for students in the top percentiles of test-takers, and these scholarships can be renewed for up to four years, or longer for students in eligible programs of study starting in the 2027-28 academic year, with the award amount capped at the cost of tuition or $5,000 per semester, whichever is less, for qualified higher education expenses. The bill also introduces the Workforce Policy Prioritization Act, which directs the Missouri department of higher education and workforce development to develop a new funding model for public higher education institutions by 2026, aiming to align funding with the state's workforce needs, ensure stable resources, incorporate accountability, and recognize institutional missions, with this model requiring approval by the general assembly before it can be implemented for state funding appropriations starting in the 2028-29 fiscal year.