Makes higher education accessible and affordable for all families and sets a long-term goal for tuition at institutions of higher education to be no higher than ten percent of the median household income.

Requires performance plans for four-year institutions of higher education to: (1) Include prioritized strategies with measurable goals adopted by the governing boards of each university or college; and

(2) Describe how additional funding from tuition, state appropriations, endowments, and federal and private grants will be used to implement prioritized strategies and meet goals.

Establishes a higher education funding formula legislative task force to develop and recommend to the legislature a funding formula for public institutions of higher education that is based in significant part, or exclusively on, institutional performance and student outcomes.

Provides a July 1, 2014, expiration date for the task force.