A new formula to determine how much state funding Georgia’s public colleges and universities receive will be based heavily on student progress and graduation rates.The Higher Education Funding Commission, a group appointed by Gov. Nathan Deal, approved the framework for the incentive-based formula Wednesday. Under the new plan, each school will be given an initial base from which to work, and funding will depend primarily on the number of students who earn degrees or certificates and their progress toward that goal.The new formula will differ from the current system for funding, which relies mainly on enrollment and how many credit hours students take.