Creates the student achievement council to set goals for increasing the educational attainment in the state and to monitor progress toward meeting those goals.

Creates the joint higher education committee to review the work of the student achievement council and provide legislative feedback.

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

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

Requires the education data center to: (1) In consultation with institutions of higher education, annually develop information on the approximate amount of state support that students receive;

(2) Provide cost study reports intended to meet the information needs of the governor's office and the legislature; and

(3) Determine and report on amounts constituting undergraduate and graduate educational costs.