SB 2001 Summary

• Authorizes the Oklahoma State Regents for Higher Education to consider implementing the "Pay Forward, Pay Back Pilot Program" that would replace traditional tuition and fees at participating public higher education institutions.

• Students would enroll without paying tuition or fees but would sign binding contracts to repay a percentage of their annual adjusted gross income for a specified number of years after graduation.

• If the State Regents determine the program is feasible, they must submit a detailed proposal to the 55th Legislature's first session for approval, including contract terms, participating institutions, and a funding mechanism.

• The proposal must establish an immediate funding source for the first 15-20 years and create a revolving fund to collect income-based repayment payments from graduates.

• Takes effect July 1, 2014, with an emergency declaration for immediate implementation.