1. Short title This Act may be cited as the Fund for Innovation and Success in Higher Education Act or the FINISH Act . 2. Innovation grants Part B of title VII of the Higher Education Act of 1965 ( 20 U.S.C. 1138 et seq.) is amended— (1) by redesignating section 745 as section 746; and (2) by inserting after section 744 the following: 745. Innovation grants (a) Purposes The purposes of this section are to— (1) increase access to, retention in, and completion of postsecondary education opportunities for high-need students; (2) identify and support the most effective interventions to increase postsecondary degree attainment and career success of high-need students; and (3) improve the efficiency of postsecondary education, including by reducing the percentage of students enrolling in postsecondary remediation and increasing the effectiveness of postsecondary remediation. (b) Definitions In this section: (1) Eligible entity The term eligible entity means any of the following: (A) A State educational agency. (B) A public or private nonprofit institution of higher education. (C) The Bureau of Indian Education. (D) A consortium of any of the entities described in subparagraphs (A) through (C). (E) A partnership between a State educational agency or public or private nonprofit institution of higher education and one or more of the following: (i) A nonprofit organization. (ii) An intermediary organization. (iii) A business. (iv) A sponsor of a program receiving assistance under the National and Community Service Act of 1990 ( 42 U.S.C. 12501 et seq.). (v) A local educational agency. (2) First generation college student The term first generation college student means— (A) an individual both of whose parents did not complete a baccalaureate degree