AN ACT TO DIRECT THE STATE TREASURER, NORTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY, UNC BOARD OF GOVERNORS, AND STATE BOARD OF COMMUNITY COLLEGES TO JOINTLY ESTABLISH A TASK FORCE TO STUDY OPTIONS FOR FINANCING STUDENT COSTS FOR HIGHER EDUCATION THAT ARE NOT CONVENTIONAL LOAN PROGRAMS.
Directs the State Treasurer, State Education Assistance Authority, UNC Board of Governors, and State Board of Community Colleges to jointly establish a Task Force to study (1) alternative financing options, such as human capital contracts, to cover a student's cost of higher education that are not conventional loan programs and (2) the feasibility of using those alternative financing options to replace the current system of charging students tuition and fees for enrollment at the state's public institutions of higher education. Directs the State Education Assistance Authority to be the lead agency in establishing the task force and undertaking this study.
Details seven considerations the Task Force must take into account in its study, including the initial start-up costs to the state to develop and implement alternative financing options and the estimated time line for those options to become financially solvent and self-sustaining, and how to design and implement a pilot program to test the statewide feasibility of alternative financing options.
Allows the State Education Authority, on behalf of the Task Force, to submit an interim report to the Joint Legislative Education Oversight Committee by November 1, 2019, regarding its findings and recommendations. Directs a final report regarding a proposed pilot program to the Joint Legislative Education Oversight Committee by November 1, 2020. Provides that if the Joint Legislative Oversight Committee determines that a pilot program is warranted, the Committee must direct the Task Force to submit its proposed pilot program to the 2021 Regular Session of the General Assembly for further review and consideration.
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