California DREAM Loan Program: DREAM grants.

Existing law establishes the California DREAM Loan Program, which provides a student attending a participating campus of the University of California or California State University with a loan, referred to as a DREAM loan, if the student satisfies specified requirements, including a requirement that the student be exempt from paying nonresident tuition or meets equivalent requirements adopted by the Regents of the University of California, and that the student be enrolled in an instructional program, as defined, or, commencing with the 2020–21 academic year, a graduate program. This bill would, commencing with the 2024–25 academic year, authorize participating institutions to award DREAM grants to grant-eligible students, as defined, if the institution has unawarded funds in the institution's DREAM revolving fund, as specified. The bill would require the amount of the DREAM grant offered to an individual student to be determined by the institution, not to exceed the student's financial need, and would prohibit a DREAM grant awarded pursuant to these provisions from counting towards the annual or aggregate borrowing limits established for the California DREAM Loan Program.