Requires a state-supported institution of higher education ("institution") to offer to enter into a fixed-rate contract with an incoming freshman student. Specifies that the contract shall fix the student's rate of tuition at the amount charged at the time of enrollment in the institution if the student remains enrolled full-time; completes a 2-year degree program within 2 years, a 4-year degree program within 4 years, or a teaching program within 5 years; and maintains at least a 2.0 GPA.