The state Board of Regents says it will agree to freeze tuition rates and reward schools for improving graduation rates if the 2013 Legislature appropriates enough money to cover inflation and employee pay raises for the next two years.
The regents on Thursday gave a unanimous voice vote in favor of the College Affordability Plan, or CAP — a deal negotiated with Gov. Steve Bullock and key legislators.
The proposed "performance funding" would allow the regents to divide up about 5 percent of the system's state funding based on how well each campus does in graduating students and speeding up the six years it typically takes students to graduate. Currently, the state money is divided among the campuses based on student numbers.
Work to develop the performance funding standards is scheduled to start in April.