This bill amends the North Star Promise scholarship program by modifying income eligibility requirements and funding amounts. Specifically, it introduces a new definition for "state college" as a two-year community or technical college within the Minnesota State Colleges and Universities system. The eligibility criteria for students are adjusted, allowing those with a family adjusted gross income below $80,000 to qualify for the scholarship, but this condition will not apply to students attending state colleges or Tribal colleges. The bill also specifies that the effective date for these changes will begin in the fall 2026 academic term.

Additionally, the bill outlines funding transfers from the general fund to various accounts, including $49,500,000 for North Star Promise scholarships. It also includes provisions for the transfer of funds to support programs related to spinal cord and traumatic brain injury, dual training, large animal veterinarian loan forgiveness, and agricultural education loan forgiveness. The commissioner of the Office of Higher Education is tasked with administering these transfers, with specific percentages allocated for program administration. Overall, the bill aims to enhance access to higher education through financial support while ensuring that funds are appropriately allocated to various educational initiatives.