TX HB281

Requires the Texas Higher Education Coordinating Board to review degree and certificate programs at public institutions every five years (changed from ten years) based on median student loan debt as a percentage of median annual earnings for graduates

Establishes a four-tier performance rating system: "reward" (debt-to-earnings 75% or less), "monitor" (75-100%), "sanction" (100-125%), and "sunset" (over 125%)

Programs rated "reward" are exempt from additional review criteria; programs rated "sanction" or "sunset" cannot receive appropriated funds for formula funding increases, institutional enhancements, or exceptional items for the following state fiscal biennium

Programs receiving a "sunset" rating must stop enrolling new students, allow current students to complete the program while informing them of the rating, and then consolidate or eliminate the program as directed by the board

Provides an exception for programs necessary to offer courses required for an institution's core curriculum, allowing those programs to continue operating despite a "sunset" rating