Assembly Bill Creates Need-Based Scholarship - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Assembly Bill Creates Need-Based Scholarship

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State lawmakers are considering using the sale of abandoned properties to help alleviate some of the financial strain on Nevadans seeking higher education.

AB353 was introduced Monday, the deadline for individual legislators' bills to be introduced in both houses.

It creates a need-based scholarship to be funded in part by the Abandoned Property Trust Account. Currently, after fees associated with abandoned properties are paid, the Millennium Scholarship receives $7.6 million from the account and the state general fund gets the balance. This bill would direct 25% of that balance to the new scholarship.

The University of Nevada Board of Regents would handle the account.

Scholarships would be reserved for students from families lacking the finances to fund their studies and would only pay for costs directly associated with education.

(Copyright 2013 The Associated Press. All rights reserved.)

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