Permits eligibility to the college bound scholarship program if a student qualifies for free or reduced-price lunches in the ninth or tenth grade and was previously ineligible during the seventh or eighth grade while he or she was a student in the state.

Requires the office of student financial assistance to: (1) Develop and distribute to schools with students in grades seven through ten, a pledge form that can be completed and returned electronically or by mail to the office; and

(2) Select financial aid award recipients from state residents who are applying for student financial aid and have been ranked according to college bound scholarship eligibility.