Virginia Law

Article 6. Virginia Commonwealth Award.

A. As used in this article:

"Census date" means the point at which a student's credit hour enrollment is locked for financial aid purposes and financial aid for the term is adjusted to reflect the official number of attempted credit hours.

"Eligible program" means a Title IV-eligible curriculum of courses in a certificate of undergraduate study, diploma, or degree program offered at the undergraduate, graduate, or first professional level by a public institution of higher education in the Commonwealth.

"Financial need" means any positive difference between a student's cost of attendance and the student aid index for such student.

"Graduate student" means a student enrolled in an eligible master's, doctoral, or first professional degree program.

"Satisfactory academic progress" means acceptable progress, as defined by the institution, toward completion of an eligible program for the purposes of eligibility for federal student financial aid pursuant to applicable federal law and regulations.

"Undergraduate student" means a student enrolled in an eligible program leading to a certificate of undergraduate study, diploma, associate's degree, or bachelor's degree.

B. The Virginia Commonwealth Award is created to provide financial assistance in the form of grants to eligible students for the costs of attending a public institution of higher education. Funds may be paid to any public institution of higher education on behalf of students who have been awarded grants pursuant to §§ 23.1-638 and 23.1-638.1.

C. The Council shall adopt regulations for the implementation of the provisions of this article.

1992, c. 879, § 23-38.53:4; 1994, c. 789; 2016, c. 588; 2026, cc. 272, 273.

There is created in the state treasury a special nonreverting fund to be known as the Virginia Guaranteed Assistance Fund (the Fund). The Fund shall be established on the books of the Comptroller. All moneys as may be appropriated by the General Assembly and any gifts, donations, grants, bequests, or other moneys as may be received for the purposes of the Fund shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be paid to any public institution of higher education on behalf of students who have been awarded grants pursuant to the provisions of § 23.1-638. Any moneys remaining in the Fund shall be credited to the account of the Council. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Executive Director of the Council.

1992, c. 879, § 23-38.53:5; 1994, c. 789; 2016, c. 588; 2025, c. 144.

A. Any undergraduate student shall be eligible to receive a Commonwealth Award pursuant to this article if such student (i) on or after the term's census date, is enrolled at least half-time in an eligible program, (ii) meets the requirements for establishing domicile pursuant to §§ 23.1-502, 23.1-505, and 23.1-505.1, (iii) demonstrates financial need, and (iv) complies with federal selective service registration requirements, unless both (a) the requirement to register has terminated or become inapplicable to the student and (b) the student demonstrates by a preponderance of the evidence that his failure to register was not a knowing and willful failure to register.

B. Each eligible undergraduate student who receives an award under this section shall be eligible for renewal of his award, if the student:

1. Maintains satisfactory academic progress; and

2. Continues to meet all eligibility requirements set forth in subsection A.

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1992, c. 879, § 23-38.53:6; 1993, c. 832; 1994, c. 789; 2002, c. 114; 2016, c. 588; 2017, cc. 325, 335; 2026, cc. 272, 273.

A. Any graduate student shall be eligible to receive a Commonwealth Award pursuant to this article if such student (i) on or after the term's census date, is enrolled on a full-time basis in an eligible program and (ii) satisfies one or a combination of the following: (a) demonstrates financial need or (b) meets such other criteria determined by the institution making the award.

B. The amount of the award shall be determined by the institution making the award; however, the institution shall annually notify the Council of the maximum value of a graduate award that is paid from funds appropriated for such purpose.

C. Each eligible graduate student who receives an award under this section shall be eligible for renewal of his award if such graduate student:

1. Maintains satisfactory academic progress; and

2. Continues to be enrolled on a full-time basis in an eligible program.

2026, c. 273.