As Colorado has seen a decline in revenue, higher education institutions have been required to make budget cuts. Along with the fiscal pressures on higher education institutions, the recession has caused an increase in the number of applicants and demands on resources. The American Recovery & Reinvestment Act (ARRA) funds aim to reduce the adverse impact of the recession on our higher education system while still maintaining a quality education that is accessible and affordable. Colorado higher education institutions and students will not only receive funds from the State Fiscal Stabilization Fund (SFSF) but also relief in the form of increases in the income tax tuition credit, Pell Grant funding, and Federal Work Study funding. Also Colorado’s research institutions stand to benefit from numerous research grant opportunities.
Each state will determine how SFSF funds will be allcocated. In Colorado, the governor has allocated $452 million of Colorado’s SFSF funds for higher education. The goal for the funds is the restoration of previous funding allocations that would have otherwise been lost through budget cuts.
ARRA Benefits for Institutions
• $452 million in SFSF funds will go to fill budget gaps at Colorado Institutions.
• Numerous grant opportunities for Colorado research universities.
•Build America Bonds for capital improvements to campus infrastructure
ARRA Benefits for Students
• ARRA funds will go to raising the Pell Grant level to $5,350, a $500 increase from the previous amount. In addition the Pell Grant amount will increase in the 2010 academic year and could increase further depending on the federal budget proposal.
• The Federal Work Study Program will receive $200 million in increased funding.
• The tuition tax credit will increase from $1,800 to $2,500 for families earning up to $180,000.
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