Finds that: (1) In 2011, the legislature abolished the higher education coordinating board and created a council for higher education;

(2) Over the years additional duties have been given to the higher education coordinating board, which has diluted the board's resources; and

(3) The legislature intends for the new council for higher education to refocus on the core function of higher education coordination and be a trusted source of information for policymakers.

Transfers powers, duties, and functions of the higher education coordinating board, except for matters pertaining to student financial aid, to the council for higher education.

Transfers powers, duties, and functions of the higher education coordinating board, pertaining to student financial aid, to the office of student financial assistance.

Creates a joint higher education committee to provide legislative oversight of the council for higher education.

Requires the education data center to: (1) Annually develop information on the approximate amount of state support that students receive; and

(2) Determine and transmit amounts constituting approved undergraduate and graduate educational costs to the several boards of regents and trustees for the state institutions of higher education.

Provides that the director of the office of student financial assistance shall serve at the pleasure of the council for higher education.