This bill mandates the Secretary of Higher Education to create standards for assessing and awarding academic credit for prior learning at public institutions of higher education in New Jersey. The established standards will encompass various policies and procedures, including the assessment of prior learning through methods such as Advanced Placement and College Level Examination Program assessments, validated workforce learning, and portfolio assessments. Additionally, the bill requires public institutions to accept a minimum limit of prior learning credits, facilitate the transfer of these credits between institutions, implement an appeals process for disputes, conduct annual reviews of the standards, and collect data to ensure compliance and promote student success.

Furthermore, each public institution must develop a policy for assessing and awarding academic credit for prior learning that aligns with the Secretary's standards. This can be achieved through partnerships with Thomas Edison State University or qualified third parties. The bill allows institutions to charge a nominal fee for prior learning assessments but prohibits them from charging the standard per-credit tuition rate for credits awarded based on prior learning. The Secretary is also tasked with submitting an annual report to the Governor and Legislature analyzing the impact of these standards on student success and institutional compliance.