FL S0738

Board of Governors shall establish a "Pay Forward, Pay Back" pilot program allowing students to attend institutions of higher learning tuition-free if they contract to pay a percentage of their annual adjusted gross income to the institution or state for a specified number of years after graduation, transfer, withdrawal, or expulsion.

Board of Governors must specify contract duration and income percentage by institution, and provide for circumstances when students die, become disabled, or are willfully unemployed or underemployed.

Board of Governors shall develop methods for apportioning repayment if a student attends multiple institutions and establish funding sources for the program's first 15-20 years plus a revolving fund for repayments.

Pilot program may vary by institution based on total education costs, state contribution portion, contract terms, and income percentage specified.

Board of Governors must submit findings and recommendations to the Governor and Legislature by December 1, 2020, including graduation rates, repayment rates, and employment rates; pilot program expires June 30, 2021.