HIGHER ED-PAY FORWARD PAY BACK

Amends the Board of Higher Education Act. Requires the Board of Higher Education to create a pilot program called Pay Forward, Pay Back to replace the current system of charging undergraduate students tuition and fees and other educational expenses at a public institution of higher education. Requires the Board to identify one public institution of higher education to participate in the pilot program. Provides that the pilot program shall (1) allow undergraduate students to attend the institution without paying for tuition and fees, books and supplies, and room and board; (2) provide that, in lieu of paying, students must sign binding contracts to pay to the State of Illinois or the institution, for a specified number of years, a certain percentage of the student's annual adjusted gross income as soon as he or she earns an income after graduation from the institution, but in no event may payments begin to be made more than 10 years after graduation from the institution; (3) specify the number of years and the percentage of annual adjusted gross income for contracts and base the specifications on research to date; (4) guarantee graduation from the institution within 4 years after enrollment if the student makes sufficient educational progress and does not change his or her academic major or major concentration; and (5) establish an immediate funding source for the first 15 to 20 years of the pilot program and include the establishment of a revolving fund to deposit payments made under the pilot program. Requires the Board to submit reports to the General Assembly.