Creates a new immigration pathway for certain noncitizens who arrived in the United States as children and later earned a U.S. college degree, letting them petition the Department of Homeland Security for immigrant classification if they meet lawful-presence, admissibility, and degree requirements. Also changes the law that determines when someone "ages out" of child status so eligible dependents do not lose priority simply because they turned 21, adds rules for long-term dependent children of certain nonimmigrant workers, permits limited reopening of some denied petitions, and clarifies retention of priority dates for petitions and labor certifications.