IL SB2335

Creates a new Board of Regents consisting of 7 governor-appointed public members (no more than 4 from the same political party) to allocate state funding to Illinois public universities beginning in fiscal year 2022

Eliminates direct state appropriations to individual public universities; all higher education funding must flow through the Board of Regents based on a funding formula recommended by the Board of Higher Education

Grants the Board of Higher Education authority to require elimination of any university program exhibiting trends of low performance or low enrollment

Requires development of a comprehensive statewide efficiency and enrollment plan that includes a single university application system, credit transfer guarantees between institutions, dual enrollment expansion, and merit-based financial aid programs

Authorizes the Board of Regents to withhold all funding from any public university that fails to comply with the statewide efficiency and enrollment plan