This bill proposes several updates to current statutes regarding financial aid in Arizona. It introduces a new annual surcharge of $300 for non-resident students, with the collected funds directed to the newly established Arizona higher education financial aid program fund. The Arizona Board of Regents is tasked with creating the program, including application and approval procedures for participants. The fund will consist of legislative appropriations and the surcharge revenues, with the Board allowed to retain up to five percent for administrative costs.

Additionally, the bill outlines eligibility criteria for students to receive financial aid, including residency requirements, enrollment in a university or community college, and maintaining a minimum GPA of 2.0. Starting in 2026, the Board will distribute funds to cover the full tuition and fees for qualifying students, with distributions occurring on a first-come, first-served basis if funds are insufficient. The bill also appropriates $500,000 from the state general fund for the program in the fiscal year 2025-2026 and exempts this appropriation from lapsing provisions.