Adds new Part 7, Community College Promise Scholarship Program in Article 23 of GS Chapter 116, providing as follows. Enacts GS 116-209.100, establishing the Community College Promise Scholarship Program (program), administered by the State Education Assistance Authority (Authority). States the program's purpose. Directs the Authority to annually award scholarships to eligible students for up to four academic semesters at a community college in the State. Requires applicants to complete a FASFA and requires the Authority to reduce a scholarship award by the amount of any grants or scholarships the applicant received from other State or federal resources. Provides for scholarships to be awarded in the order application are received. Establishes student eligibility criteria, including that the student graduated with at least a 2.0 unweighted GPA from a public high school, nonpublic high school or home school located in the State in the academic semester prior to enrollment at the community college; the student qualifies as a resident for tuition purposes; and the student gains admission at a community college in a curriculum program. Allows for annual renewal of the scholarship if the student demonstrates a 2.3 GPA and maintains satisfactory progress. Directs the Authority to adopt rules for program administrative. 

Enacts GS 116-209.101 as follows. Directs the Authority to partner with the Community Colleges System Office and local school administrative units to place higher education advisors in secondary schools statewide to provide outreach to high school students on the program and other financial aid assistance programs. Requires the advisers to provide information to students on FASFA assistance and scholarship options. 

Enacts GS 116-209.102, establishing the Community College Promise Scholarship Fund Reserve, administered by the Authority, consisting of all appropriations and receipts by the Authority to administer the program, returned scholarship monies, and all interest earned. Limits use of Reserve funds to scholarships, as specified, and administrative costs of the Authority, up to 5%.

Enacts GS 116-209.103, establishing an annual reporting requirement for the Authority to report on the program to the specified NCGA committee, beginning November 1, 2023. Specifies required content of the report. 

applies beginning with the 2023-24 academic year. 

Appropriates the following funds from the General Fund to the UNC Board of Governors (BOG) for 2022-23 to be allocated to the Authority: $300,000 to establish the program and the financial aid counseling program, as enacted; and $4,007,550 in recurring funds to hire up to 100 full-time higher education advisers to be assigned as described, with employment beginning no earlier than January 1, 2023.

Appropriates $161,300,000 in recurring funds from the General Fund to the Reserve for the 2022-23 to award scholarships under the program beginning with the 2023-24 academic year. 

Effective July 1, 2022.