IL HB3703

Amends the Board of Higher Education Act to require performance-based allocations to public universities beginning in Fiscal Year 2016.

Mandates that allocations to public universities based on performance metrics shall comprise at least 5% of the overall higher education budget for public universities from the General Revenue Fund.

Requires the Board of Higher Education to adopt performance metrics by rule that measure student success in degree and certificate completion, with consideration for at-risk students including first-generation, low-income, and underrepresented populations.

Specifies that performance metrics must account for the differentiated missions of institutions, maintain quality standards, and for community colleges include factors such as enrollment, academic milestones, transfer rates, and degree completion.

Takes effect immediately upon becoming law.