MN HF3963

Defines "income-share agreement" as a financing method where students pay the state or their institution a percentage of annual adjusted gross income for a specified number of years after graduation.

Requires the commissioner of higher education to convene a working group including University of Minnesota president, Minnesota State Colleges and Universities chancellor, student representatives, and stakeholders to design a pilot program proposal.

Commissioner must submit a report to the legislature by January 31, 2017 describing the pilot program proposal, required legislation, and funding estimate.

Pilot program proposal must identify participating institutions or programs, specify payment terms and income percentages, identify funding sources including feasibility of revenue bonds and revolving funds, and determine whether agreements cover part or all education costs.

Appropriates unspecified fiscal year 2017 general fund amount to the commissioner to develop the income-share agreement pilot program proposal.