HI SB243

Establishes the Hawaii Western Interstate Commission for Higher Education (Hawaii WICHE) as an independent entity with authority to set conditions on students participating in the professional student exchange program (PSEP).

Authorizes Hawaii WICHE to establish a repayment policy for students who receive financial support from PSEP funds, allowing the state to require students to return to Hawaii after completing professional education.

Creates a professional student exchange program special fund to support the PSEP, which provides funding for Hawaii students to pursue professional education in fields unavailable at local universities but in high demand in the state.

Targets increased return rates of PSEP students to Hawaii, noting that five WICHE states with return requirements average a 74% return rate compared to 39% for states without such requirements.

Becomes effective on July 1, 2012.