The bill H.799 proposes the establishment of the Free Degree Promise Program in Vermont, aimed at providing financial support to eligible high school graduates to complete an accelerated associate's degree at the Community College of Vermont (CCV) after participating in the CCV Early College program. The program will cover tuition and fees after federal and state financial aid, offer enhanced career and education advising, and provide stipends for books and transportation. To qualify, students must successfully complete the Early College program with at least 20 college credits and submit the FAFSA and Vermont Grant application. The bill also mandates the Commissioner of Labor to adopt rules defining eligibility criteria and outlines that CCV will administer the program.

Additionally, the bill amends the Vermont Education Endowment Trust Fund to include the Vermont Student Assistance Corporation as a recipient of funds and designates the State Treasurer as the chair of the Trust Fund Council. It changes the allocation percentages for fund distribution among the University of Vermont, the Vermont State Colleges, and the Vermont Student Assistance Corporation, increasing the percentage allocated to the latter. The new allocation will begin in fiscal year 2029, and the act is set to take effect on July 1, 2026.

Statutes affected:
As Introduced: 16-2885