Establishes "New Jersey Higher Education Funding Formula Commission."

S 157 establishes a 11-member New Jersey Higher Education Funding Formula Commission to study and recommend a new state funding model for colleges and universities. The commission will examine funding approaches used in other states, gather data from all New Jersey higher education institutions (including medical, law, and graduate schools), and develop a proposed funding formula. It must issue a final report with recommendations to state leaders within six months of its first meeting, after which the commission will dissolve. This bill directly affects all public and private higher education institutions in New Jersey by initiating a formal review of how state funds are allocated to them.