Colorado universities just got a little richer.
Gov. John Hickenlooper signed the College Affordability Act into law Thursday, according to a press release. The act invests $100 million into higher education, and $40 million of that funding will go to financial aid. The bill also caps yearly tuition increases for resident undergraduates at 6 percent.
The College Affordability Act was the first bill introduced in this legislative session, according to Sen. Cheri Jahn, who sponsored it.
“The bill illustrates our values by providing opportunity for all Coloradans, and putting them on a path toward achieving economic security,” Jahn said.
The senate also approved two bills to address K-12 education in Colorado on Wednesday and Thursday.
The School Finance Act increases the base per-pupil state funding to $6,121, a 2.8 percent increase. Additionally, it adds $10 million for full-day kindergarden programs, provides 5,000 additional seats for at-risk preschoolers and kindergardeners, and allocates resources for rural schools. The bill was approved on a 23-12 vote on Wednesday.
The Student Success Act was approved in a 33-2 vote Thursday. The bill invests $110 million, provides resources for literacy programs and capital construction for charter schools.