HB 281 amends the Texas Education Code to establish performance-based standards for reviewing, funding, and continuing degree and certificate programs at public institutions of higher education. Specifically, the Texas Higher Education Coordinating Board (THECB) must review programs every five years to assess whether they meet criteria based on median student loan debt as a percentage of median annual earnings. Programs are rated as "reward," "monitor," "sanction," or "sunset" based on the debt-to-earnings ratio. Programs rated "sunset" must stop enrolling new students, and affected institutions must allow currently enrolled students to complete the program before ultimately consolidating or eliminating it. The bill includes exemptions for core curriculum courses to ensure students can complete required courses despite program status. It also restricts funding for programs with "sanction" or "sunset" ratings, limiting the use of state funds for these programs​.