VA HB990

Establishes the Virginia Higher Education Scholarship Act Program beginning with the 2026-2027 academic year, providing full scholarships covering tuition, room and board, and mandatory fees for eight semesters to eligible students

Eligibility requires graduating in the top 2% of a Virginia public high school class (or top student if class has fewer than 50 students), qualifying for in-state tuition, and gaining admission to an eligible institution

Creates geographic restrictions limiting which public universities scholarship recipients may attend based on the county or city where they graduated high school, with Norfolk State, Virginia Military Institute, and Virginia State available to all eligible students statewide

Caps out-of-state student enrollment at 45% of incoming freshman classes at most baccalaureate public institutions starting in the 2027 academic year, excluding Norfolk State, VMI, and Virginia State

Creates a special nonreverting Virginia Higher Education Scholarship Act Fund in the state treasury to be administered by the State Council of Higher Education for Virginia