Establishes "New Jersey Higher Education Funding Formula Commission."

Bill S 2002 establishes a 11-member New Jersey Higher Education Funding Formula Commission to study and recommend a new funding model for the state's colleges and universities. The commission will examine funding approaches used in other states, collect data from all New Jersey institutions (including medical, law, and graduate schools) on their needs and operations, and develop a proposed funding formula. It must submit its final report with recommendations to the Governor and legislative committees within six months of its first meeting, after which the commission will dissolve. This bill creates a procedural process for reviewing higher education funding but does not implement any new funding changes itself.