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 provisions regarding eligibility, stating that students must be residents of Wisconsin and meet certain academic standards. Additionally, it outlines restrictions on grant awards for individuals required to register with selective service and those with outstanding child support obligations unless they have an approved payment agreement. The grants will be available for a maximum of eight consecutive semesters for freshmen and four for transfer students, with summer terms excluded from this count. The bill also includes an appropriation for the program, ensuring funding is allocated for the tuition grants as specified.