The bill amends the Washington college grant and college bound scholarship programs to establish a maximum award eligibility based on 60 percent of the state median family income. It modifies grant award amounts and terms, including specific adjustments for different types of institutions, and limits institutional eligibility. The maximum Washington college grant for students attending two or four-year institutions will be defined as tuition and estimated fees for 15 quarter credit hours, with specific amounts set for private institutions based on the 2019-20 academic year and adjusted for future years. Additionally, the bill introduces a new section emphasizing the importance of postsecondary education for economic mobility and the need for ongoing assessment of financial aid programs.

Furthermore, the bill revises eligibility criteria for the Washington college grant, stating that starting in the 2025-26 academic year, students with family incomes between zero and 60 percent of the state median family income will receive the maximum grant, with prorated amounts for those earning between 61 and 100 percent. It clarifies the usage and reversion of scholarship funds, establishing that awards must be utilized within six years, and any unused tuition units will revert to the scholarship account. The bill also asserts that while students have a property right in the scholarship award, the state retains legal ownership of the awarded tuition units until redeemed. This legislation is deemed necessary for the immediate preservation of public peace, health, or safety, and is set to take effect on July 1, 2025.

Statutes affected:
Original Bill: 28B.15.067
Substitute Bill: 28B.92.030, 28B.92.205, 28B.118.010
Bill as Passed Legislature: 28B.92.030, 28B.92.205, 28B.118.010
Session Law: 28B.92.030, 28B.92.205, 28B.118.010