H.R. 7463 would increase the annual limit on education and training vouchers from $5,000 to $12,000 per student. The bill also would permit states, under certain conditions, to establish a grace period for foster youth to maintain their eligibility for vouchers by demonstrating progress toward completion of an education or training program. In addition, the bill would require states to make a reasonable effort to ensure that eligible youth are aware of the voucher program and would require them to use a simple, standardized application for the program. H.R. 7463 also would require HHS to issue guidance to states for carrying out the changes required under the bill.