The bill revises the Washington college grant and college bound scholarship programs by establishing a maximum award eligibility based on 60 percent of the state median family income. It specifies that the maximum Washington college grant for students attending two or four-year institutions will cover tuition and estimated fees for 15 quarter credit hours, with defined amounts for private institutions based on the 2019-20 academic year and future adjustments. The bill also introduces a new section that highlights the significance of postsecondary education for economic mobility and the necessity for ongoing evaluation of financial aid programs.

Furthermore, the bill updates 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 will receive the maximum grant, while those with incomes between 61 and 100 percent will receive prorated amounts. It also clarifies the usage and reversion of college bound scholarship funds, mandating that awards must be used within six years, with any unused funds reverting to the scholarship account. The legislation asserts that while students have a property right in the scholarship award, the state retains ownership of the awarded tuition units until they are redeemed. This bill is set to take effect on July 1, 2025, and is considered essential for the preservation of public peace, health, or safety.

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