The bill establishes a comprehensive transition and postsecondary program scholarship program in Iowa, aimed at providing financial assistance to individuals with intellectual, developmental, or learning disabilities who are at least 18 years old and enrolled in approved programs. The college student aid commission, in collaboration with the division of vocational rehabilitation services, is tasked with developing and administering this scholarship program, contingent upon appropriations from the general assembly. Each eligible individual can receive up to $5,000 per academic year, with the requirement to submit a new application annually to assess continued eligibility.

Additionally, the bill mandates the commission to set evaluation criteria for scholarship applications, prioritizing Iowa residents. It also establishes a dedicated scholarship fund within the state treasury, which will be managed by the college student aid commission and will not revert to the general fund at the end of the fiscal year, ensuring ongoing availability of funds for future scholarships. The commission is required to adopt rules for the program's administration, further outlining the operational framework for the scholarship initiative.