IL SB0080

Creates a Board of Regents with 7 gubernatorially-appointed members to allocate funds to public universities based on a funding formula recommended by the Board of Higher Education, effective fiscal year 2021.

Requires the Governor's budget beginning fiscal year 2021 to appropriate all public university funding to the Board of Regents rather than directly to individual universities.

Directs the Board of Higher Education to prepare a comprehensive statewide plan to increase efficiency and enrollment, including support for FAFSA completion, early enrollment, credit transfer agreements, and loan forgiveness programs.

Empowers the Board of Higher Education to require elimination of academic programs at public universities that exhibit trends of low performance or low enrollment.

Mandates public university boards submit budget proposals to the Board of Regents by November 15th annually, with funding conditioned on adherence to the Board's efficiency and enrollment plan.