CSU stands to gain over $12 million if  the College Affordability Act passes, reviewed yesterday by the senate education committee.

Last year, State Governor John Hickenlooper proposed that $100 million be added to Colorado’s higher education budget for fiscal year 2014/15. Since then, the state senate has drafted legislation that, if passed, will grant this proposal and put extra money in the pockets of every university in the state as well as cap tuition increases at 6 percent.

“(This bill) is significant because it is the first substantial investment in higher education since the recession,” stated a Colorado State Senate press release.

The act dictates that $48,383,470 go to state financial aid programs, $1,394,266 to junior college grants, $891,849 to vocational schools, and $49,381,925 to the governing boards of universities like CSU.

Any university that receives these additional financial benefits must agree to not raise their tuition rates above 6 percent.

“An exceptional, high-quality state higher education system that is both accessible and affordable is fundamental to ensuring that all Coloradans will succeed in a highly competitive global economy and is crucial to Colorado’s future economic development,” states the bill.

After the senate education committee reviewed this bill yesterday, the committee tweeted that it has been laid over for action until Thursday, Feb. 6. If at that time the committee approves the act, it will move on to senate.

Collegian Reporter Caitlin Curley can be reached at news@collegian.com.