Sec. 5. Not later than June 30, 2025, each state educational institution shall, for each main campus and regional campus of the state educational institution, prepare and submit a report to the commission for higher education, in a format prescribed by the commission for higher education, that includes information regarding a determination by the state educational institution of the feasibility and advisability of establishing and conferring associate degrees to:
(1) eligible current students; and
(2) eligible former students;
attending each campus.