A bill that has been filed in the Iowa Legislature would roll $41 million into education, but Iowa college students should not start celebrating the legislature’s sudden interest in their financial and educational future.

The bill wouldn’t offer Iowa’s postsecondary institutions any relief — instead, it would funnel Iowa Values Fund money into K-12 level education, but leave state universities empty-handed, said the bill’s co-author, Rep. Scott Raecker, R-Urbandale.

Raecker said there was not enough money for all levels of education, so the money would go where it is needed most, which is in K-12 education.

The funds are intended to replace money lost from K-12 budgets as a result of the 2.5 percent statewide cut Gov. Tom Vilsack ordered last year — cuts that also affected Iowa universities.

“Public schools really need this money … I would look to the regents and tuition grants to fulfill the universities needs,” Raecker said.

State universities have dealt with heavy budget cuts for the past four years. Wednesday, ISU President Gregory Geoffroy announced the College of Education and the College of Family and Consumer Sciences would be combined as a result of budget cuts.

For Iowa State, the recent 2.5 percent cut amounted to 5.8 million dollars that had to be cut from the current year’s budget.

Barbara Boose, communications specialist for the Board of Regents, said because of the impact of state cuts, she sees a need for the money in regents universities as well.

“[State support] is needed to make sure students have the classes they need and the faculty to teach them,” she said.

Boose said keeping the quality of education constant is the Board of Regents’ highest priority right now. However, it’s a goal that will be difficult to reach without additional state funding, she said.

Boose said meeting students’ needs has become difficult since cuts resulted in many unfilled teaching positions and bigger class sizes.

“The $5.8 million cut to ISU’s budget causes great concern when enrollment remains strong,” Boose said.

Rep. Jane Greimann, D-Ames, said there was not much support for the Legislature bill.

Greimann said she would only support the bill if it included a way to restore money in the Iowa Values Fund, perhaps with a bond, so the state could offer continuous funds to universities and other organizations, giving legislators a long-term solution.

Greimann said the money from the bill could also be used to keep businesses in Iowa, helping college students by giving them more employment opportunities after graduation.

Rep. Lisa Heddens, D-Ames, said she does not support the bill.

Heddens said the Iowa Values Fund was an economic stimulus that was intended to support universities, businesses and parks, as well as public schools.

Heddens said she saw the need to fund schools and hoped the legislature could find another way to give education the money.

Heddens said she felt the first thing to do is allow no more cuts to impede learning.

“Education shouldn’t be piecemealed together,” she said.

— P. Kim Bui contributed to this article.