The College Affordability Act aims to enhance the affordability and accessibility of higher education for students enrolled at regents institutions in Iowa. Key provisions include a requirement for the state board of regents to make final decisions on tuition increases by December 31 of the previous fiscal year and to limit annual tuition or mandatory fee increases for in-state residents to no more than three percent. Additionally, the Act mandates that the tuition charged to undergraduate students classified as residents during their first academic year will remain unchanged in subsequent years, applicable to those starting in or after 2026, with certain limitations.

Furthermore, the Act directs regents institutions to offer at least one baccalaureate degree program that can be completed in three years by the academic year beginning in 2027. It also establishes a "work plus" program, allowing undergraduate students to work part-time while their employers cover tuition and mandatory fees during their employment semesters. This program requires a formal agreement between the student and employer, outlining their respective rights and responsibilities, including the employer's obligation to pay the student and cover tuition costs. Each institution is tasked with creating a registration process for participating employers.

Statutes affected:
Introduced: 262.9