Establishes the opportunity scholarship act.

Creates the opportunity scholarship program and the opportunity expansion program to: (1) Help mitigate the impact of tuition increases;

(2) Increase the number of baccalaureate degrees in high employer demand and other programs; and

(3) Invest in programs and students to meet market demands for a knowledge-based economy while filling middle-income jobs with a sufficient supply of skilled workers.

Creates the opportunity scholarship board to provide oversight and guidance for the opportunity expansion program and the opportunity scholarship program.

Changes the name of the "state need grant" to the "opportunity award."

Creates the opportunity scholarship account and the opportunity expansion account.