State-Based Health Care Reform Act

State-Based Health Care Reform Act - Requires the Secretary of Health and Human Services to establish a Health Care Reform Task Force to: (1) approve state, local, or tribal applications for a health care reform grant; and (2) establish minimum performance measures with respect to coverage, quality, and cost of state health care programs.

Requires states seeking a grant to submit to the Task Force a state health care plan that: (1) designates the lead state entity that will be responsible for administering the program; (2) contains a list of the minimum benefits that will be provided to all individuals covered under the state program; (3) includes specific target dates for decreasing the number of uninsured individuals in the state; (4) describes how the state will ensure that an increased number of individuals residing within the state will have expanded access to health care coverage; (5) describes the minimum benefits package that will be provided to every beneficiary; (6) includes provisions to improve the effectiveness and efficiency of health care in the state; and (7) complies with premium and cost sharing limitations.

Requires the Secretary to provide a matching grant to a state with an approved application to enable the state to carry out the state health program.

Authorizes appropriations for the grant program and specifies offsetting savings and fee provisions. Amends the Higher Education Act of 1965 to require the Secretary of Education to carry out a Student Aid Reward Program to encourage institutions of higher education to participate in the student loan program under such Act that is most cost-effective for taxpayers.