Relating to: creating an undergraduate assistance grant program for students enrolled in private nonprofit postsecondary institutions and making an appropriation. (FE)

SB 1031 creates a state-funded undergraduate grant program for students attending private nonprofit colleges in the state. It directly affects in-state students enrolled full-time at qualifying institutions who meet specific criteria: completing the FAFSA, not qualifying for federal Pell Grants, and having an adjusted gross income under $60,000. The program allocates $2.5 million annually to cover up to 10 semesters of full-time enrollment per student, with grants awarded by the Higher Educational Aids Board. This policy establishes a new financial aid mechanism targeting low-to-moderate income students at private nonprofit colleges, distinct from federal aid programs.