AZ SB1508

Establishes the Arizona Promise Program to provide financial assistance to eligible students pursuing associate or baccalaureate degrees at universities under Arizona Board of Regents, community colleges, or tribally-chartered colleges.

Student eligibility requires in-state status, demonstrated financial need (meeting federal free/reduced lunch guidelines), minimum 2.5 GPA from Arizona high school, federal FAFSA completion and Pell Grant eligibility, and half-time enrollment at an eligible institution.

Awards cover up to the actual cost of in-state tuition and fees, reduced by other federal aid, scholarships, grants, and financial gifts received; awards available for maximum of eight academic semesters.

Arizona Board of Regents administers the Arizona Promise Program Fund and guarantees awards for applicants enrolling in Board of Regents universities if appropriations are insufficient for all eligible applicants.

Appropriates $50,000,000 from the state general fund in fiscal year 2021-2022 to establish the fund; program terminates July 1, 2031; annual spending on marketing, promotion, and administration capped at three percent of fund monies.