This bill establishes a Promise Equalization Scholarship program aimed at supplementing state grant awards for students attending private nonprofit postsecondary institutions in Minnesota. To be eligible for the scholarship, students must receive a state grant award and be enrolled in at least one credit at an eligible institution. The scholarship amount will be determined by the commissioner, capped at 33 percent of the student's state grant award. The program will be administered by the commissioner, who is also required to submit an annual report detailing scholarship awards, demographic data, and student outcomes.

Additionally, the bill appropriates $18 million from the general fund for the fiscal year 2025 to support the Promise Equalization Scholarship program, with a base appropriation of $18 million for subsequent years, adjusted for any increases in tuition and fees at public postsecondary institutions. The program is set to begin awarding scholarships in the 2024-2025 academic year.