Bill > S1884

This bill, the Pay It Forward College Affordability Act of 2013, aims to establish and test a new model for financing postsecondary education by replacing traditional tuition and mandatory fees with a post-graduation contribution program. The core of this "Pay It Forward" model involves the government or an institution covering a student's cost of attendance, not less than tuition and mandatory fees, in exchange for the student agreeing to contribute a percentage (up to 5%) of their annual income for a specified period (up to 25 years) after graduation. The bill also mandates initial studies on the feasibility and implementation of this model, including how to collect contributions and determine appropriate contribution rates based on income levels and educational pursuits. Furthermore, it authorizes grants to states to establish pilot programs, requiring states to contribute non-Federal funds and maintain their existing levels of higher education spending. The bill also outlines the establishment of an advisory council to guide the evaluation of these pilot programs and mandates further studies on the long-term viability and impact of the Pay It Forward model, including its potential to address student loan debt and influence career choices.