Synopsis As Introduced Amends the State Finance Act to create the First-Year College Promise Fund as a special fund in the State treasury. Amends the Higher Education Student Assistance Act. Requires the Illinois Student Assistance Commission to implement and administer a program to award First-Year College Promise grants to low-income Illinois residents seeking an associate degree from a public community college or a bachelor's degree from a public university. Provides that a First-Year College Promise grant shall be equal to the cost of tuition and mandatory fees at the public institution for 2 semesters of enrollment. Sets forth the terms and conditions of the program.