Senate committee substitute makes the following changes to the 1st edition.

Amends GS 116-143.9(b) by changing "fixed tuition and fee payment program" to "tuition period" that is to be tolled if the student demonstrates a substantial disruption or interruption in the student's pursuit of a degree.

Adds GS 116-11(7), which requires the Board of Governors to set tuition and required fees at the institutions, not inconsistent with actions of the General Assembly, to the notwithstanding provision of Section 2 that precedes the directive to the Board of Governors and Board of Trustees to reduce student fees as specified.

Deletes the previous language of Section 3(a) and 3(b) and replaces it as follows. Enacts GS 116-143.9 and codifies the previous language of Section 3(a) into subsection (a) of the statute. Codifies the previous language of Section 3(b) into subsection (c) of the statute. Provides new language for subsection (b) to provide that, notwithstanding any other provision of law, beginning with the 2018-19 fiscal year, the Director of the Budget may authorize an increase in the base budget for UNC of up to $70 million, upon the recommendation of the Board of Governors, to cover the cost of lost tuition revenue for that fiscal year. Provides that any increase in the base budget authorized pursuant to subsection (b) is not to be included in the calculations of projected enrollment growth under GS 116-30.7. Establishes that the authorization provided in subsection (b) is only effective as long as tuition continues at the rate established by subsection (a) of the statute.

Deletes previous Part V of the act that directed the University of North Carolina General Administration to evaluate the effect of University names based on enrollment, academic strength, and diversity, and allowed the Board of Governors to rename institutions. Makes conforming changes to section numbering of the act.

Amends GS 116-294 to direct that the University of North Carolina General Administration (General Administration) is to administer the Cheatham-White Scholarships, in consultation and collaboration with North Carolina Agriculture and Technical State University and North Carolina Central University, pursuant to policies adopted by the Board of Trustees of both constituent institutions. Directs General Administration to also consult and collaborate with both constituent institutions in completing the nine administrative responsibilities listed.

Amends Section 5(b) to reduce the funds appropriated to $300,000 from $3,207,358 for the 2016-17 fiscal year, and to amend the purpose of the funds to provide that they be used to establish and administer the Cheatham-White Scholarships instead of they be used to award Cheatham-White Scholarships.

Makes conforming change to Section 6(a).

Changes the application of the act to the 2016 (previously, 2017) fall academic semester and each subsequent academic semester.