IL SB3452

Creates a pilot program called "Pay Forward, Pay Back" to replace traditional tuition and fee charges at participating public institutions of higher education in Illinois.

Allows qualified Illinois resident students to enroll without paying tuition or fees; instead students sign binding contracts to pay a percentage of their annual adjusted gross income to the state or institution for a specified number of years after graduation.

Requires the Board of Higher Education to identify one or more public institutions to participate and base the income percentage and repayment duration on current research.

Establishes an immediate funding source for the first 15 to 20 years of the pilot program and creates a revolving fund for payments received under the program.

Requires the Board to submit periodic reports to the General Assembly on student contract compliance and whether the pilot program should be expanded.