Grants Being Cut From Needy Students

This article discusses how grants are going to be cut in Texas, specifically those that are going to low-income graduating seniors from high school. This is going to dramatically increase the number of low-income students that decide to go to college simply due to the fact that they won't be able to afford the costs that come with it. This article is important to me because I received a grant when I was in high school for graduating early, and it motivated me to begin college earlier than I would have if I had not received the grant so I can only imagine how it is affecting the low-income population. The state plans on cutting the number of grant recipients in half for the next coming year. Approximately only 37,000 students will be receiving the grant for the following year, decreasing the number of low income students that even think about applying for colleges. Texas is doing this due to a “budget downfall” and one representative suggested that instead of decreasing the grants to save money, Texas tap into the state's “rainy day fund.” Although I do not think that decreasing the grants is a good idea, I wonder... what exactly does Texas' “rainy day fund” even consist of?