House Bill No. 2888 amends the eligibility requirements for the Oklahoma Tuition Equalization Grant by modifying the income eligibility criteria and removing specific institutions from the list of eligible colleges and universities. The bill specifies that to qualify for the grant, a student's parents' income must not exceed $50,000 per year, and it eliminates the consideration of nontaxable income. Additionally, Bacone College and St. Gregory's University are deleted from the list of eligible institutions, while other private, not-for-profit colleges in Oklahoma remain eligible if they meet certain accreditation and operational standards.

The bill also outlines the process for grant administration, including the requirement for institutions to submit applications and documentation by specified deadlines. It establishes that grants will be awarded based on need if funds are insufficient, prioritizing students who have previously received grants. Furthermore, it sets a limit on the duration of grant benefits to five years, with provisions for hardship cases. The act is set to take effect on November 1, 2025, and mandates annual reporting by the State Regents on grant recipients and related metrics.