OH HB242

Chancellor of the Ohio Board of Regents shall consider creating a "Pay Forward, Pay Back" pilot program to replace the current tuition and fee system at Ohio state institutions of higher education

Eligible Ohio resident students admitted to participating institutions would attend without paying tuition or fees, instead signing a binding contract to pay a specified percentage of their annual adjusted gross income for a set number of years after graduation

If deemed warranted, the Chancellor must submit a detailed proposal to the General Assembly by the first day of the 131st General Assembly's first regular session, specifying participating institutions, income-share percentages, contract duration, and funding mechanisms for 15-20 years

The proposal may vary income-share percentages and contract terms by institution based on total education costs and state funding portions, using current research as the basis

The act is declared an emergency measure to address growing student loan debt burdens among Ohio college graduates and takes immediate effect