Aid to Independent Colleges - Bundy Aid and New High Need Nursing Program

The 2007-08 State budget included $46,238,000 in Aid to Independent Colleges (Bundy Aid). This aid is based on degrees awarded in the previous year and goes into the institution’s general fund for use as an institution chooses to improve its financial condition, the quality of its programs, or access and diversity goals.

A second program providing aid to independent colleges was also created this year. Just over one million dollars was appropriated to encourage students to go into the nursing profession. The legislation provides for a payment of $250 for each enrolled student in these programs in two-year institutions and $500 for each enrolled student in four-year institutions. If actual enrollments exceed those covered by the appropriation, then payments will be reduced proportionally. Institutions must apply to the State Education Department to participate in this program. The Department will be developing regulations to implement this new program.