This bill establishes a cap on tuition increases for resident undergraduate students at public institutions of higher education in New Jersey. Specifically, it prohibits these institutions from raising tuition rates by more than two percent compared to the rates from the previous academic year. This measure aims to provide financial stability and predictability for students and their families regarding the cost of higher education.

The bill will take effect immediately upon enactment and will apply to the first full academic year following its passage. By limiting tuition increases, the legislation seeks to alleviate the financial burden on students and promote access to higher education in the state.