Senate Bill 586 establishes a new tuition promise grant program within the University of Wisconsin System, aimed at providing financial assistance to eligible students. The program will offer last-dollar grants to cover the gap between any external scholarships or grants and the total cost of tuition and segregated fees for students enrolled in on-campus programs at institutions other than UW-Madison. To qualify, students must be new incoming freshmen or transfer students, have a household federal adjusted gross income of $71,000 or less, and be pursuing their first bachelor's degree. The bill also stipulates that the Board of Regents will be responsible for developing and administering the program, including setting rules for eligibility and grant distribution.

The bill includes specific eligibility criteria, such as residency requirements and academic standards, and outlines conditions under which grants may not be awarded, such as failure to register for selective service or being listed on the statewide support lien docket without an approved payment agreement. The grants will be available for up to eight consecutive semesters for freshmen and four for transfer students, with summer terms excluded from this count. The legislation also includes provisions for the Board of Regents to create rules necessary for the program's implementation.