NEW: Raimondo Budget Preview Includes $10 Million in Low-Income Scholarships
Wednesday, March 11, 2015
The Office of Rhode Island Governor Gina Raimondo released a "first look" on Wednesday of the budget the Governor will be presenting to the General Assembly on Thursday -- which includes over $12 million to assistant Rhode Islanders with higher education costs.
Citing "significant investments to create opportunity for Rhode Island's students," the preview touched upon three areas where the Governor proposes to spend.
"Helping students build the skills they need to succeed in a 21st century economy is one of the best investments we can make," Raimondo said. "It's investing directly in people to give them a ladder of opportunity, and it's also an economic driver for our state. My jobs budget will invest in each rung of the ladder - our schools, college affordability, and workforce training for adults."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTProposals Expected
According to the Governor's office, some of the proposals expected in the budget include:
Dual and concurrent enrollment initiative
The Governor's budget includes $1.3 million for Prepare RI, a dual and concurrent enrollment initiative. The early college program would allow qualified and eligible high school students to earn credit at their high school and at the state's public colleges and universities at no cost to the student.
"This initiative totally rethinks what a student's end of high school experience is like, regardless of where they go to school," said Raimondo. "It is about fulfilling a promise to our students that college and a good career are accessible."
Last-Dollar Scholarship Program
The Governor's budget proposal restructures existing higher education grant programs to create a "last-dollar scholarship program" for Rhode Island students. In its first year, the program would invest $10 million of state funds in students with proven academic performance but for whom higher education might be otherwise unattainable.
Loan Forgiveness Program
The Governor's budget calls for $1.75 million to create a college loan forgiveness program for graduates starting as entrepreneurs and innovators in Rhode Island. The Wave Maker Fellowship program would offer up to four years of loan forgiveness for approximately 100 recent graduates pursuing careers and starting businesses in technology, engineering, design, and other sectors. Two-thirds of the awards will be intended for Rhode Island students, to encourage graduates to remain in the state, attract young innovators, and promote new businesses and economic activity.
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