The "Fund Students, Not Systems Act" establishes a new Education Savings Account (ESA) Program administered by the State Department of Education in Oklahoma. This program aims to provide families with more educational options while promoting innovation and excellence in public schools. The act outlines the application process for families seeking an ESA, which includes submitting an application by April 1 of the preceding school year. The State Board of Education is tasked with establishing procedures for application approval, and the Department will calculate the ESA amount based on state aid factors. Funds in the ESA can be used for various qualified educational expenses, and any unused funds will accrue over time.

Additionally, the act emphasizes the independence of private schools and homeschool families, ensuring they are not subject to certain state requirements or oversight. The Department of Education is required to submit an annual report detailing the funds allocated to ESAs, which the Legislature can use to adjust public school funding. The act includes provisions for severability, ensuring that if any part is deemed void, the remaining provisions will still stand. The act is set to take effect on July 1, 2025, and an emergency clause is included for immediate implementation upon passage.