Declares an intent that tuition levels should be predictable for families, students, and institutions, and limiting the amount by which it can be raised will assist in that endeavor.

Provides that, beginning with the 2007-08 academic year and ending with the 2016-17 academic year, tuition fees charged to full-time resident undergraduate students may increase no greater than five and one-half percent over the previous academic year in any institution of higher education.

Requires that by September 1st of each year beginning in 2008, the office of financial management shall report to the governor, the higher education coordinating board, and appropriate committees of the legislature with updated estimates of the total per-student funding level that represents the sixtieth percentile of funding for comparable institutions of higher education in the global challenge states, and the progress toward that goal that was made for each of the public institutions of higher education.