This legislative bill is focused on changes in higher education funding in Minnesota. It modifies how state grants are calculated, specifically around tuition and fees for students. Key points include:

1. Cost of Attendance Definition: The cost of attendance for students will include allowances for living expenses and tuition fees. The tuition and fees part will be capped either at the average charged by the institution, or at a maxim set by law, depending mainly on which is lesser.

2. Fee Adjustments for Part-Time Students: For students not enrolled full-time, the cost of attendance will be prorated based on the number of credits they are taking compared to a full-time course load.

3. Incarcerated Students: Students in Minnesota correctional facilities will only have their tuition and fees covered, with no allowance for living and miscellaneous expenses.

4. Definition of Fees: Mandatory fees for full-time students are included, but not charges for items such as tools or computers if the student retains ownership after the course. Charges for institution-owned items are included, while optional or punitive fees are excluded.

In essence, the bill aims to set clear guidelines on what charges are included in cost assessments for students, potentially reducing the financial burden on some students, such as those attending part-time or those who are incarcerated.