MO HB1232

Department of Higher Education shall consider creating a pilot program at one or more public institutions and community colleges to replace tuition and fees with income-based repayment.

Eligible students who are state residents and qualify for admission may enroll without paying tuition or fees under the pilot program.

Students must sign binding contracts to pay a specified percentage of their annual adjusted gross income to the state or institution for a defined number of years after graduation.

Department must submit a proposed pilot program to the General Assembly by January 1, 2015 for approval, with program parameters varying by institution based on education costs and state funding.

Pilot program must establish immediate funding for the first 15 years and create a revolving fund to deposit income-based repayment payments from graduates.