While funding cuts are often necessary during economic downturns, reducing state investments in higher education will hamper recovery. If cuts are inevitable, a one-size-fits-all approach will undermine states' ability to meet future talent needs and ensure equitable opportunity. State leaders should evaluate funding decisions based on their impact on low-income students and students of color, preserving and improving affordability and protecting institutions that serve those learners. This report provides: an overview of state policy priorities; policy questions that state leaders can leverage to understand challenges and examine whether current and potential new policies meet student needs; examples of states' efforts that can serve as valuable guidance for policymakers as they navigate ongoing changes; and data and sources that may be helpful for state policymakers as they continue to monitor state and institutional data to assess progress and consider programs' equity implications.