AR SB397

Creates the Higher Education Consumer Guide Act requiring the Arkansas Higher Education Coordinating Board to develop a consumer guide for prospective students and parents at state-supported institutions of higher education.

Requires the guide to identify each institution's grouping under the board's accountability system and associated peer institutions for comparative analysis and benchmarking.

Mandates the guide include institutional data such as retention and graduation rates, tuition costs, average student loan amounts and default rates, admission percentages, test scores, job placement within 3 years, alumni income over 20 years, percentage of top 10% high school students enrolled, and average semesters to degree completion.

Requires data compilation from sources including the Division of Higher Education, the Integrated Postsecondary Education Data System, the College Scorecard, the Arkansas Economic Security Report, and the Arkansas State Longitudinal Data System.

Requires prospective students to verify receipt of the guide before completing applications and mandates the guide be publicly available on the board's website and each institution's website.