Sec. 7. Implementation study

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Not later than 5 years after the establishment of the State Pay It Forward models under section 5, the Secretary shall, after consideration of the advisory council recommendations regarding how to evaluate the Pay It Forward Contribution Plan described under section 6(a), conduct an initial evaluation of the Pay It Forward Contribution Plan, which may include an evaluation of— how the rates of contribution under the Pay It Forward model may differ according to different income levels; the rates of students who fail to contribute funds as agreed to under the Pay It Forward model; how best to establish a student's agreement described under section 5(g)(3), or a similar agreement made under another Pay It Forward model, including what percentage of a student's income the student should be required to contribute and what is an appropriate time period for contribution; ways to prevent increases in tuition and other education costs; and ways to integrate existing Federal student loan repayment and forgiveness programs into the Pay It Forward model.

Not later than 10 years after the establishment of the Pay It Forward Contribution Plan described under section 5, the Secretary shall, after consideration of the advisory council recommendations regarding how to evaluate the Pay It Forward Contribution Plan— evaluate whether existing student loan debt could be converted into a Pay It Forward model; evaluate the impact of the Pay It Forward model on a student's career choices and employment, including how such model may impact a student's employment in public service jobs and level of employment (such as whether a student participating in the Pay It Forward model will go on to part time or full time employment); evaluate mechanisms through which employers could provide funds toward the contributions that an employee is required to make under a Pay It Forward model contribution agreement; examine the long-term solvency and feasibility of an expanded Pay It Forward program; and examine the distributional implications of allowing students to opt out of participation in a Pay It Forward model program as compared to requiring all students who are enrolled at a participating institution to participate in a Pay It Forward model program.

Upon completion of the evaluation described under subsection (a), the Secretary shall prepare and submit a report containing the results of such evaluation 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.