High school graduation requirements; alternative pathway to standard diploma established; report. Requires the Board of Education to (i) establish pursuant to regulation an alternative pathway to the standard diploma for any student with a disability whose individualized education program indicates that the student demonstrates the knowledge and skills necessary to achieve the standard diploma but requires significant instructional, course sequencing, or assessment accommodations or modifications in order to do so and (ii) take all steps necessary to ensure that such pathway and the Applied Studies diploma are, to the maximum extent practicable, treated as a standard diploma for the purpose of eligibility for enrollment at an institution of higher education in the Commonwealth, eligibility for the Free Application for Federal Student Aid (FAFSA) and federal financial aid programs, consideration for military service enlistment opportunities, and consideration for state employment opportunities that require a standard diploma. The bill requires the Department of Education to report annually to the Governor and the General Assembly on the implementation of such alternative pathway to the standard diploma, including the number of students utilizing such alternative pathway and the postsecondary outcomes of such students.