Why 3/5: The bill sets significant future policy changes for higher education financial aid, with implementation and reporting deadlines in 2027.
This bill establishes the Virginia Commonwealth Award in state law and consolidates it with the Virginia Guaranteed Assistance Program, which will be phased out for new students starting Fall 2027. It also directs a work group to review financial aid systems to maximize the impact of state appropriations on accessibility, affordability, and student outcomes.
Update
Fiscal Impact Statement from Department of Planning and Budget (SB167)
Third reading
Read third time
Substitute adopted
committee substitute agreed to
Substitute adopted
Engrossed by House - committee substitute
Passed a chamber
Passed House with substitute (97-Y 0-N 0-A)
Substitute adopted
House substitute agreed to by Senate (39-Y 0-N 0-A)
Enrolled
Enrolled
Passed a chamber
Bill text as passed Senate and House (SB167ER)
Passed a chamber
Signed by Speaker
This bill has passed its votes and is headed to the Governor's desk. You still have a say — the Governor's office reads messages before deciding whether to sign.
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Summarized from the official bill text (“Higher ed. financial aid programs; amends provisions, Va. Commonwealth Award established, report.”) · Read the actual bill →
Passed a chamber
Signed by President
Update
Fiscal Impact Statement from Department of Planning and Budget (SB167)
Enrolled
Enrolled Bill communicated to Governor on March 10, 2026
Sent to the Governor
Governor's Action Deadline 11:59 p.m., April 13, 2026
Signed into law
Approved by Governor-Chapter 273 (effective 7/1/2026)
Update
Acts of Assembly Chapter text (CHAP0273)