(a) Beginning with the 2022-2023 school year, every institution of higher education must have a policy instituting a financial or physical hardship withdrawal process. The process must work to limit debt owed by students who have to withdraw from the institution due to a significant financial or physical hardship and to assist those students if and when they choose to re-enroll. Types of hardship shall include, but are not limited to:
         (1) serious injury or illness;

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         (2) chronic illness;
         (3) a medical issue of a family member in which the
    
student has to become a part-time or full-time caretaker of that family member;
        (4) a mental health condition;
         (5) a sudden or consistent lack of transportation
    
issue; and
        (6) a significant cost of living increase.
     (b) Information regarding the existence of the financial or physical hardship withdrawal process shall be publicized on the institution of higher education’s website, and information must be given to students as part of any school orientation process.