Current and incoming University of Memphis students who qualify for the Hope lottery scholarship will be toting more money in their pockets next fall.
More than three weeks ago, the Tennessee General Assembly passed its budget for the 2007 to 2008 fiscal year.
Additional funds were given to The University for state operating, capital and maintenance expenses.
A portion helped provide an increase to the Hope lottery scholarship, and beginning this fall, the Hope lottery scholarship will increase its yearly per student rewards amount to $4,000.
The increased awards amount comes from excess lottery funds of $100 million collected for the 2006 to 2007 fiscal year.
This current amount brings the total excess lottery funds to $300 million with an additional excess of a $50 million reserve amount, according to Governor Phil Bredesen's higher education funding plan released earlier in February.
According to Raines and members of the Tennessee Student Assistance Corporation, state legislators and representatives also debated over proposed GPA requirement decreases, but neither could agree and the current criteria were kept.
Tim Phelps, the associate executive director at TSAC, said legislators proposed moving the retention GPA to 2.75 as opposed to the 3.0 required after 24 credit hours.
"They couldn't agree on 2.75," he said and referred to the high school standard, which will also not change. "It's (3.0) where it needs to be and that's not unreasonable."
Although Hope lottery awards are up a few hundred dollars, the same math was done for tuition.
In February, Bredesen proposed no more than 5 to 7 percent tuition increases for next year and at the end of June Tennessee Board of Regents agreed on a 6 percent increase for all of its corresponding schools.
State higher education officials are encouraging the increased Hope lottery awards, but noted that it was necessary considering the increase in tuition.
Officials also project that tuition increases will be steady in the next few fiscal years.
"Tuition is going up," said Mary Morgan, the director of communication at TBR.
However, Mark McClellan, coordinator of lottery scholarships, agreed that increased tuition should add incentive for more state based student aid.
"Part of it was because the money was available," he said. "But tuition increases every year."
