Colorado State Archives
Executive Orders from the Administration of Governor Bill Owens 1999-2005
CONTACT:
Dan Hopkins 303-866-6324
Sarah Bramwell 303-866-6323
(DENVER) – Governor Bill Owens today joined with Sen. Abel Tapia (D-Pueblo) and Rep. Dale Hall (R-Greeley) to call for legislation to create the Colorado Achievement Scholarships. This new scholarship program is designed to make college a reality for students who work hard academically, but whose families cannot afford college.
"This program will assist our most deserving students get the education they deserve and increase their chances of succeeding," Owens said.
As success becomes more and more tied to a college degree, the cost of attending a college or university continues to rise. Adjusted for inflation, the cost of a post- secondary education has increased 91% nationwide over the past two decades.
"This new program will tackle the two biggest barriers to college access: lack of academic preparation and money to pay for college," stated Rick O'Donnell, Executive Director of the Colorado Commission on Higher Education, whose department will manage the new program.
To qualify for the program, students must pass certain pre-collegiate high school courses, maintain a minimum grade point average, be eligible for Pell grants, not use drugs, alcohol, tobacco and otherwise stay out of trouble.
The initial money for the program, $50 million dollars, results from surplus monies earned in the student loan fund administered by CollegeInvest. The interest earned by CollegeInvest on its loans is at a rate set and subsidized by the Federal government.
Assuming an average rate of return, the program will award $2.5 million worth of grants per year. The amount of the scholarship and the number of children that will be served is dependent upon how many children apply and are qualified to receive the award.
CollegeInvest was established in 1979 as a not-for-profit division of the Colorado Department of Higher Education. For more information, visit www.collegeinvest.org or call 1-800-college.
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