NC S541

Adds Fayetteville State University as a constituent institution in the NC Promise Tuition Plan with capped tuition rates of $500 per semester for North Carolina residents and $2,500 per semester for nonresidents, effective with the 2022-2023 academic year.

Requires the State to "buy down" or offset any financial obligations resulting from the established low tuition rates at Fayetteville State University, as well as the three existing institutions (Elizabeth City State University, University of North Carolina at Pembroke, and Western Carolina University).

Appropriates $11,500,000 in recurring General Fund dollars to the UNC Board of Governors for fiscal year 2022-2023 to cover the financial obligations from Fayetteville State University's participation in the NC Promise plan.

Requires annual reports to the Joint Legislative Education Oversight Committee and relevant appropriations committees detailing forgone tuition receipts, allocated funds, and enrollment numbers at each participating institution.

Takes effect July 1, 2021, and applies beginning with the 2022-2023 academic year.