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 2027 academic year, the board of visitors of each baccalaureate public institution of higher education, with the exception of Norfolk State University, Virginia Military Institute, and Virginia State University, to ensure that the annual percentage of undergraduate non-Virginia students in each incoming freshman class does not exceed 45 percent. The bill also establishes the Virginia Higher Education Scholarship Act Fund and Program whereby certain Virginia public high school graduates who graduated at or near the top of their graduating classes are permitted to apply to the State Council of Higher Education for Virginia for a scholarship in an amount equal to the cost of tuition, room and board, and mandatory fees to attend a public institution of higher education enumerated in the bill for eight semesters.