Purpose of the Bill

The purpose of this bill is to amend existing Minnesota laws related to higher education by modifying the financial grant program available to higher education institutions. It aims to establish a formal account for managing and distributing grants to eligible students, specifically targeting students in foster care.

Main Provisions

• Creation of an Account: The bill establishes a dedicated account within the state’s special revenue fund specifically for receiving and managing money that will be used for student grants.
• Appropriation for Foster Grants: Funds deposited into this new account are designated for the purpose of issuing financial grants to eligible students under the foster care scheme. These grants are managed by the commissioner of the Office of Higher Education.

Significant Changes to Existing Law

• The legislation amends Minnesota Statutes 2024 section 136A.1241 by adding a new subdivision that creates a structured approach to handling state funds specifically for the benefit of foster students seeking higher education.

Relevant Terms

• Higher Education
• Grant Program
• Minnesota Statutes
• Special Revenue Fund
• Foster Grants
• Office of Higher Education
• Appropriation
• Financial Aid for Students