The proposed bill establishes the "Pay It Forward" program aimed at increasing access to higher education for students enrolled in graduate degree programs at designated institutions. Under this program, eligible participants will sign a binding contract to contribute a percentage of their income back to the program starting one year after graduation or discontinuation of their studies. The bill outlines specific contribution limits based on the type of institution attended, with state university graduates contributing no more than 5% of their income, while those from regional universities or state colleges contribute a maximum of 3.5%. Participants can receive tuition assistance for up to four years or the equivalent of 125% of their program's published length.

Additionally, the bill creates the "Pay It Forward Trust Fund Account," which will be managed by the state treasurer and will hold funds for the program, including legislative appropriations and participant contributions. The account is designed to ensure that all disbursements are available for eligible students, and expenditures from the account will be strictly regulated, requiring authorization from the executive director of the student achievement council. The funds in this account will not lapse at the end of the fiscal period, allowing for continued support of the program.