The bill establishes the Armed Forces Reserve Postsecondary Education Grant program in Washington State, aimed at providing financial assistance to eligible reservists of the armed forces, as well as their spouses and dependents, for postsecondary education. Key definitions are introduced, including "eligible student," which refers to reservists or their designated family members who meet specific criteria, such as being enrolled in an accredited educational program in Washington and fulfilling a service obligation. The program will be administered by the Office of Student Financial Assistance, which will oversee the selection of grant recipients, the amount of funding, and the establishment of necessary rules and policies.

The bill outlines the conditions under which grants are awarded, including limits on the maximum benefit and requirements for repayment if the service obligation is not met. Reservists must serve one year in the armed forces reserve for each year they receive the grant, or they will incur a repayment obligation with interest. The Office is tasked with managing the collection of repayments and maintaining records of both repayments and any forgiven amounts. Additionally, the bill allows for simultaneous use of the grant by reservists and their designated family members, ensuring that the program can support multiple beneficiaries within a family.