NC H1145

Establishes the Higher Education Savings Grant Pilot Program administered by the State Education Assistance Authority to provide grant awards for qualifying students enrolling in eligible public or private postsecondary institutions in North Carolina.

Targets eligible residents born between July 1, 2021, and June 30, 2022, in five counties: Duplin, Guilford, Madison, Union, and Wake County.

Awards $100 plus accrued interest to each qualifying student who enrolls in an eligible institution, with funds paid directly to the institution to defray tuition costs.

Creates the Higher Education Savings Trust Fund as a non-reverting fund administered by the State Treasurer, with the Authority authorized to use up to 2.5% of available funds annually for administrative costs and program marketing.

Appropriates $2,400,000 in nonrecurring General Fund monies for fiscal year 2022-2023, with the Authority to deposit sufficient funds to award $100 to each eligible resident and cover remaining administrative costs.