MN HF4493

Establishes a Promise Equalization Scholarship program for students receiving state grant awards and enrolled at Minnesota private nonprofit postsecondary institutions.

Scholarship award amount is determined by the commissioner based on available funds, not to exceed 33 percent of the student's state grant award under section 136A.121.

Commissioner of the Office of Higher Education must administer the program and submit annual reports by February 15 to legislative committees detailing scholarship awards, demographics, and student outcomes at each eligible institution.

Appropriates $18,000,000 in fiscal year 2025 from the general fund, with future appropriations adjusted annually by the percentage increase in highest tuition and fees at Minnesota public postsecondary institutions.

Scholarships shall be awarded beginning in the 2024-2025 academic year.