HIGHER ED-TUITION REDUCTION

Creates the Tuition Reduction Act. Beginning with the 2016-2017 academic year, requires each public university located in this State to reimburse its full-time resident undergraduate students a portion of the tuition charged in the form of a grant applied directly to a student's financial aid account. Provides that to determine the per-pupil grant amount, the university shall calculate the difference, if any, between the current fiscal year's aggregate appropriations to the university and the previous fiscal year's aggregate appropriations to the university and divide that amount by the number of students enrolled in the previous academic year. Provides that 50% of this calculation then equals the per-pupil grant amount, to be awarded to currently enrolled students to reduce their tuition costs (unless the current fiscal year's aggregate appropriations to the university are equal to or less than the previous fiscal year's aggregate appropriations). Requires each university to annually report updated estimates of the total amount in grants awarded in an academic year to the Governor and the appropriate committees of the General Assembly. Effective immediately.