(a) As used in this section, “scholarship displacement” means the reduction of the amount of financial aid offered to a current or prospective student as a result of such student receiving a scholarship.
(b) Each institution of higher education in the state shall disclose such institution's policy on scholarship displacement (1) in the initial financial aid package offered to each prospective or current student, and (2) not later than January 1, 2025, in a report submitted, in accordance with the provisions of section 11-4a , to the joint standing committee of the General Assembly having cognizance of matters relating to higher education and employment advancement.