Adds new Article 39A, Personal Education Savings Scholarship Program, to GS Chapter 115C.

Provides definitions for terms as they apply in this Article. Definitions include the following: (1) Authority means the North Carolina State Education Assistance Authority, (2) child with a disability is as defined in GS 115C-106.3(1), (3) disability is as defined in GS 115C-106.3(2), and (4) scholarship means funds awarded by the Authority to eligible students to be used to pay for special education on a daily basis for an eligible student who is attending either a nonpublic school or a North Carolina public school for which tuition is required.

Defines an eligible student as a child under the age of age 22 who meets all of the specified criteria: (1) has a disability, (2) is eligible to attend a North Carolina public school, (3) has not been placed in a nonpublic school or facility by a public agency at public expense, (5) has not been enrolled in a post-secondary institution as a full-time student taking 12 credit hours, and (6) has not received a high school diploma.

Enacts GS 115C-567.6 to focus on the specifics of the Scholarship Funds administered by the Authority. Directs the Authority to make the scholarship applications available annually to eligible students. Includes criteria for scheduling the disbursement of scholarship funds and reimbursement of costs.

Requires the Authority to make an annual report, no later than October 1, to the Joint Legislative Education Oversight Committee on the Personal Education Savings Scholarship Program and specifies what must be contained or addressed in the report.

Provides that all of the preceding provisions apply to the award of scholarships beginning with the 2017-18 school year.

Also addresses criteria for making contributions to the Parental Savings Trust Funds, verification of a student's eligibility, Authority reporting requirements, and the duties of state agencies.

Appropriates $450,000 for the 2016-17 fiscal year from the General Fund to the UNC Board of Governors to be allocated to the Authority to be used to administer this program in accordance with this act.

Declares it is the intent of the General Assembly to appropriate from the General Fund to the UNC Board of Governors $5 million for the 2017-18 fiscal year in recurring funds to allocate to the Authority for the following purposes: (1) to award scholarship grants to eligible students; provides that unexpended funds do not revert at the end of each fiscal year but remain available to award scholarship grants to eligible students and (2) to transfer funds to the Department of Public Instruction to use for re-evaluations of eligible students.

Makes this act effective July 1, 2016.