Establishes a stabilization program for minority-serving state colleges and universities in New Jersey, providing grants to address fiscal distress.
The Minority-Serving State College and University Stabilization Act establishes a program within the Office of the Secretary of Higher Education to provide grants to minority-serving state colleges and universities facing fiscal distress and declining enrollment. Eligible institutions must submit a stabilization plan detailing their fiscal challenges, enrollment decline, and strategies for restoring staff and improving instruction. The program allocates $20 million, with $10 million from the General Fund and $10 million from federal funds under the American Rescue Plan Act.
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