The ruling means that money in the Higher Education Investment Fund will no longer be set aside in a lasting way to pay for the Alaska Performance Scholarships, Alaska Education grants and the state’s medical education program.
An Anchorage Superior Court judge ruled on Thursday againstJudge Adolph Zeman’smeans that the money in the Higher Education Investment Fund will no longer be set aside in a lasting way to pay for three programs: the Alaska Performance Scholarships, which are based on students’ high school grades and test scores; Alaska Education grants, which are based on students’ financial need; and the state’s medical education program.
The money that was once in the higher education fund is now in a state savings account known as the Constitutional Budget Reserve, raising its total from roughly $1 billion to $1.4 billion. Gov. Mike Dunleavy’s administration determined that the money was subject to the reverse sweep vote. Previous administrations had not taken that position.successfully protected money in a different state account, the Power Cost Equalization Endowment Fund, or PCE. That fund pays to make the energy in high-cost areas more equal with that in the rest of the state.
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