The bill proposes amendments to the "Department of Children, Youth and Families’ Higher Education Opportunity Incentive Grant" program to enhance support for foster youth pursuing higher education. It aims to address the poor educational outcomes of foster youth by expanding eligibility to those in foster care between the ages of 14 and 21, young adults in voluntary extension of care, and those who left foster care for kinship guardianship or adoption. The bill removes limitations on the grant period, allowing recipients to receive funds up to age 26, and broadens the scope of covered expenses to include books, tutoring, transportation, shelter, and food. It also establishes a grant award selection committee and requires the department to notify eligible youth and update its policies and procedures.

Financially, the bill specifies appropriations for the fiscal year ending June 30, 2024, and beyond, to be used exclusively for awarding grants to eligible students, with a prohibition on administrative expenses. The department is mandated to provide an annual report on the grant program's expenditures, including detailed information on the amounts awarded, the number of applicants and awards made, total funds awarded, and the progress of students in their education. Unspent funds are to remain in a separate account for the grant's purpose. The act will take effect upon passage, with the intention of ensuring that foster youth receive the necessary support to succeed in higher education.