S419 - Community College Promise Scholarship Program

• Establishes the Community College Promise Scholarship Program administered by the State Education Assistance Authority to award scholarships covering up to one full-time student's tuition per year at North Carolina community colleges for a maximum of four academic semesters.

• 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 scholarships are awarded in the order applications are received based on FAFSA completion.

• Appropriates $300,000 in nonrecurring funds for the 2023-2024 fiscal year for administrative startup costs and $200,000,000 in recurring funds for the 2024-2025 fiscal year for scholarships and a financial aid counseling program with up to 100 higher education advisers in secondary schools.

• Requires annual reporting to the Joint Legislative Education Oversight Committee beginning in 2024 on student applications, awards, demographics, geographic location, and funds expended.