The bill amends the "Rhode Island Hope Scholarship Pilot Program Act" by extending the reporting, evaluation, and funding deadlines from 2028 to 2030. Specifically, Rhode Island College is required to submit annual reports detailing the scholarship program's costs, the number of eligible students, and the financial aid anticipated for these students by November 10 each year, now up to and including 2030. Additionally, the college must provide an evaluation report by July 1 each year, also extended to 2030, which includes the number of students in each cohort, their degree attainment status, reasons for non-completion, program costs, and recommendations for the program's future.

The bill also stipulates that the Rhode Island Hope Scholarship Pilot Program will be funded through July 1, 2030, with no further funding without additional legislative action. The office of management and budget, in consultation with the office of the postsecondary commissioner, is tasked with overseeing the apportionment and disbursement of funds for the scholarship program. The act will take effect upon passage, and its purpose is to allow the program to continue providing funding for tuition and mandatory fees to eligible students for an additional two years.