Requires the higher education coordinating board, the state board for community and technical colleges, the council of presidents, the four-year institutions of higher education, the private independent higher education institutions, and the private career schools to collaborate to carry out certain goals with regard to students receiving academic credit for prior learning.

Requires the higher education coordinating board to convene the academic credit for prior learning work group to coordinate and implement the goals.

Requires the office of financial management to work with the higher education coordinating board, the state board for community and technical colleges, and the four-year institutions of higher education to track the number of students receiving academic credit for prior learning and the type of credit awarded at institutions of higher education.