Section 6-61-1703 - Higher Education Consumer Guide(a)(1) The Arkansas Higher Education Coordinating Board shall create a Higher Education Consumer Guide that is designed for use by prospective students and parents and legal guardians of prospective students at a state-supported institution of higher education.(2) The Higher Education Consumer Guide created by the board under subdivision (a)(1) of this section shall be provided to each state-supported institution of higher education for use in the prospective student application process at each state-supported institution of higher education.(b) The Higher Education Consumer Guide created by the board under subdivision (a)(1) of this section shall identify the:(1) Institutional grouping to which each state-supported institution of higher education is assigned under the board's accountability system; and(2) Peer institutions of higher education associated with each state-supported institution of higher education.(c)(1) The Higher Education Consumer Guide created by the board under subdivision (a)(1) of this section shall include the following information without limitation as it relates to the most recent state fiscal year for which the information is available:(A) Retention and graduation rates;(C) The average amount borrowed and loan default rate;(D) Percentage of students who applied for first-time undergraduate admission and were offered admission to each state-supported institution of higher education that is not determined to be an open admission institution;(E) Average composite test scores of students enrolled in each state-supported institution of higher education;(F) Job placement of students within the first three (3) years of graduation;(G) Income of college alumni over the first twenty (20) years after completion of their credential;(H) Percentage of students enrolled at each state-supported institution of higher education from the top ten percent (10%) of a public high school class located in Arkansas; and(I) Average number of semesters for completion of an associate's or bachelor's credential at the institution.(2) Information provided under subdivision (c)(1) of this section shall be compiled using data from the following sources without limitation: (A) The Division of Higher Education;(B) The Integrated Postsecondary Education Data System, published by the National Center for Education Statistics;(C) The College Scorecard;(D) The Arkansas Economic Security Report; and(E) The Arkansas Statewide Longitudinal Data System and interstate compacts for the sharing of employment data when reasonably available upon the establishment of the Arkansas Statewide Longitudinal Data System.(3) Information provided under subdivision (c)(1) of this section shall be compared with the same information that is available for the state fiscal year preceding: (A) The most recent state fiscal year; and(B) The reports for the most recent five (5) years.(d) A prospective student shall verify that he or she has been provided the Higher Education Consumer Guide before completing an application to a state-supported institution of higher education.(e) The Higher Education Consumer Guide required by this section shall be made publicly available on the:(2) Website of each state-supported institution of higher education.(f) The division shall promulgate rules to implement this subchapter.Amended by Act 2023, No. 109,§ 4, eff. 8/1/2023.Added by Act 2021, No. 539,§ 1, eff. 7/28/2021.