Bill No. 2888 amends the eligibility requirements for the Oklahoma Tuition Equalization Grant by modifying the income eligibility criteria. Specifically, it removes the consideration of nontaxable income, establishing that a student's parents' taxable income must not exceed $50,000 per year, or the student's income if they are independent and self-supporting. The bill also updates the list of eligible institutions by deleting Bacone College and St. Gregory's University from the list of approved colleges and universities that can participate in the grant program.

Additionally, the bill outlines the responsibilities of the State Regents in administering the grant program, including the requirement to report annually on various metrics related to grant recipients. The legislation emphasizes that grants will be awarded based on need and prioritizes students who have previously received grants. The effective date for this act is set for November 1, 2025.