To require the Chancellor of the Ohio Board of Regents to consider creating a pilot program called "Pay Forward, Pay Back" to replace the current tuition system at state institutions of higher education and to declare an emergency.

Section 1. (A) The Chancellor of the Ohio Board of Regents, in consultation with the Ohio Board of Regents, shall consider the creation of a pilot program called "Pay Forward, Pay Back" in this state that does all of the following:

(1) Replaces the current system of charging students tuition and fees for enrollment at state institutions of higher education, as that term is defined in section 3345.011 of the Revised Code;

(2) Allows a student who is a resident of the state, as defined by rule adopted under section 3333.31 of the Revised Code, and who qualifies for admission to a state institution of higher education to enroll in the institution without paying tuition or fees;

(3) Provides that, in lieu of paying tuition or fees, the student must sign a binding contract to pay to the state or to the student's institution a certain percentage of the student's annual adjusted gross income upon graduation from the institution for a specified number of years.

(B) If the Chancellor, in consultation with the Board, determines that such a pilot program is warranted, the Chancellor shall submit a proposal for the pilot program to the General Assembly on the first day of the first regular session of the 131st General Assembly. The proposal shall be developed in consultation with the Board and shall do all of the following:

(1) Identify one or more state institutions of higher education to participate in the pilot program;

(2) Specify the number of years and the percentage of annual adjusted gross income for contracts at participating institutions, which may vary by institution depending on the total cost of education at the institution and the portion of the cost that is paid by the state, and base those specifications on current research;

(3) Identify an immediate funding source for the first fifteen to twenty years of the pilot program and a method for collecting payments for the program.

Section 2.  This act is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health, and safety. The reason for such necessity is to eliminate the growing burden of student loan debt carried by many of Ohio's college graduates. Therefore, this act shall go into immediate effect.