H.297 proposes the establishment of the Free Degree Promise Grant Program, aimed at providing funding for eligible individuals to obtain a free associate's degree through the Community College of Vermont (CCV). The bill outlines several findings that highlight the low college continuation rates among Vermont high school graduates, particularly among marginalized groups, and emphasizes the importance of associate degrees in improving economic outcomes. The program is designed to address these issues by offering financial support to students who meet specific eligibility criteria, including enrollment in an approved program at CCV and completion of the state's Early College program.

The bill details the eligibility requirements for the program, which include being a full-time student, having completed the Early College program with a minimum of 20 credits, and not having previously earned an associate's degree. The grants will cover remaining tuition and fees after other financial aid has been applied, as well as provide stipends for books and supplies based on household income. The program will be administered by CCV, which will also be responsible for reporting on its implementation and effectiveness annually. The act is set to take effect on July 1, 2025.