NC S706

Establishes the Community College Promise Scholarship Program administered by the State Education Assistance Authority to provide scholarships covering up to four academic semesters at North Carolina community colleges.

Eligible students must graduate from a North Carolina public, nonpublic, or home school with at least a 2.0 unweighted GPA, qualify as state residents for tuition purposes, and gain admission to a community college curriculum program.

Scholarship awards are reduced by the amount of other state or federal grants or scholarships received, and awarded on a first-come, first-served basis; scholarships are annually renewed if students maintain a 2.3 cumulative GPA and satisfactory academic progress.

Appropriates $300,000 in nonrecurring funds for 2021-2022 for administrative setup and $242,962,047 in recurring funds for 2022-2023 for scholarships and a financial aid counseling program, including hiring up to 100 full-time higher education advisers in secondary schools.

Requires annual reporting to the Joint Legislative Education Oversight Committee beginning November 1, 2022, including data on applicant numbers, demographics, geographic location, funds expended, and scholarship recipients.