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Code · BILL · 113th Congress · H.R. 3959 (Introduced in House) — To establish a Pay It Forward model for funding postsecondary education. · Sec. 4

Sec. 4. Initial Studies

310 words·~1 min read·/bill/113/hr/3959/ih/section-4

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Not later than 180 days after the date of enactment of this Act, the Secretary, in consultation with the Secretary of the Treasury— and the Director of the Consumer Financial Protection Bureau, shall conduct a study on the feasibility of, and options for, implementing the Pay It Forward model, in a manner that is in the best interests of students; and shall conduct a study— on whether the student loan servicer payment program or the Internal Revenue Service income tax withholding mechanism (such as preauthorized automatic electronic funds transfers) of collection for the Pay It Forward model would work best; on how best to establish a participant’s agreement described under section 5(g)(3), or a similar agreement made under another Pay It Forward model, including what percentage of a participant's income the participant should be required to contribute and what is an appropriate time period for contribution; on how the rates of contribution under the Pay It Forward model may differ— according to different income levels; and based on whether the student pursues a graduate or professional education program immediately after completing their undergraduate education or at a future time; on how best to streamline the collection process and ensure compliance; and on ways to prevent increases in tuition and other education costs.
Not later than 30 days after the completion of the studies described in subsection (a), the Secretary shall prepare and submit a report containing the results of the initial studies described in subsection (a), to the Committee on Health, Education, Labor, and Pensions of the Senate, the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Finance of the Senate, the Committee on Education and the Workforce of the House of Representatives, the Committee on Financial Services of the House of Representatives, and the Committee on Ways and Means of the House of Representatives.
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