Preparing for the Future Act

Financial assistance for students: Eligible undergraduate, post-baccalaureate, or graduate students can receive grants of $8,000 for each year of their studies, with limits of up to $16,000 for undergraduate or post-baccalaureate study and $16,000 for graduate study (Section 2, subsection a, paragraph 1 and 4).

Support for specific educational needs: The grant program allows for the inclusion of noncredit or remedial courses, such as English language acquisition, if they are necessary to prepare the student for their degree (Section 2, subsection a, paragraph 4C).

Funding for tuition and living costs: Grant payments can be used for tuition, fees, and, if the student attends an institution that owns its housing, room and board (Section 2, subsection a, paragraph 1 and 2C).

Flexibility for study abroad: The bill ensures that programs of study abroad that are approved for credit by the student's home institution are not excluded from eligibility (Section 2, subsection a, paragraph 4C).

Service obligation requirement: To receive the grant, students must agree to serve as a full-time school psychologist in a covered school for at least 4 academic years within 8 years of completing their course of study (Section 2, subsection b, paragraph 2A).

Risk of debt conversion: If a student fails or refuses to complete their required service obligation, the grant money will be converted into a Federal Direct Unsubsidized Stafford Loan, which must be repaid with interest (Section 2, subsection b, paragraph 2B and 3A).

Financial reduction for part-time students: Students who attend their eligible institution on less than a full-time basis will have their grant amount reduced in proportion to their lack of full-time status (Section 2, subsection a, paragraph 3A).

Strict academic requirements: To be eligible, students must demonstrate high academic aptitude through specific grade point averages or high scores on admissions tests (Section 2, subsection b, paragraph 1B).