This bill establishes a committee to study the role of colleges and universities in contributing to the student loan crisis. The committee will consist of members of the house of representatives and the senate, who will examine various factors related to student loan debt, including policies and practices of colleges and universities, career outlook and salary expectations for graduates, the expansion of administrative positions, the relationship between government backing of student loans and tuition increases, and potential legislation to reduce student debt burdens and hold colleges and universities financially responsible for predatory behavior. The committee will solicit information and testimony from relevant entities and individuals and will submit a report with its findings and recommendations for proposed legislation by November 1, 2024.

The committee will be established and its members appointed by the speaker of the house of representatives and the president of the senate. Members of the committee will receive mileage compensation when attending to committee duties. The committee will elect a chairperson from among its members, and the first meeting of the committee must be held within 45 days of the effective date of the bill. The committee must submit its report to various government officials and the state library by November 1, 2024. The bill will take effect upon its passage.