Additional Funding for Scholarships at 1890 Institutions

The bill rescinds unobligated balances (or $100 million, whichever is less) from the American Rescue Plan Act and appropriates an equivalent amount for scholarships at 1890 institutions. It extends funding availability to fiscal year 2024 and beyond until the funds are obligated, mandating that at least $10 million be made available annually. Administrative expenses are capped at 4% of available funds.