Virginia Higher Education Scholarship Act Fund and Program; created and established.

Certain public institutions of higher education;enrollment limitations in incoming freshman classes; Virginia Higher Education Scholarship Act Fund and Program established. Requires,beginning with the incoming freshman class in the 2025 academic year,the board of visitors of each baccalaureate public institution ofhigher education, with the exception of Norfolk State University,Virginia Military Institute, and Virginia State University, to ensurethat the annual percentage of undergraduate non-Virginia studentsin each incoming freshman class does not exceed 45 percent. The billalso establishes the Virginia Higher Education Scholarship Act Fundand Program whereby certain Virginia public high school graduateswho graduated at or near the top of their graduating classes arepermitted to apply to the State Council of Higher Education for Virginiafor a scholarship in an amount equal to the cost of tuition, roomand board, and mandatory fees to attend a public institution of higher education enumerated in the bill for eight semesters.