Senate Bill 1031 establishes an undergraduate assistance grant program aimed at supporting students enrolled in private nonprofit postsecondary institutions in Wisconsin. The program, administered by the Higher Educational Aids Board (HEAB), will provide financial assistance to eligible students who meet specific criteria, including being a state resident, completing the federal Free Application for Federal Student Aid (FAFSA), not qualifying for a federal Pell grant, and having a household income of less than $60,000. The bill allocates $2,500,000 annually for this purpose, allowing grants to be awarded for up to 10 semesters of full-time enrollment.

The bill outlines the eligibility requirements for students and includes provisions that prevent students with certain financial obligations, such as those listed on the statewide support lien docket, from receiving grants unless they have an approved payment agreement. The new legal language created by this bill includes sections 20.235 (1) (dm) and 39.55, which detail the establishment and administration of the grant program, as well as the criteria for student eligibility and grant distribution.