study of the financing of postsecondary education

study of the financing of postsecondary education Sec. 140. (a) (1) It is the purpose of this section to authorize a study of the impact of past, present, and anticipated private, local, State, and Federal support for postsecondary education, the appropriate role for the States in support of higher education (including the application of State law upon postsecondary educational opportunities), alternative student assistance programs, and the potential Federal, State, and private participation in such programs. (2) In order to give the States and the Nation the information needed to assess the dimensions of, and extent of, the financial crisis confronting the Nation’s postsecondary institutions such study shall determine the need, the desirability, the form, and the level of additional governmental and private assistance. Such study shall include at least (A) an analysis of the existing programs of aid to institutions of higher education, various alternative proposals presented to the Congress to provide assistance to institutions of higher education, as well as other viable alternatives which, in the judgment of the Commission, merit inclusion in such a study; (B) the Costs, advantages and disadvantages, and the extent to which each proposal would preserve the diversity and independence of such institutions; and (C) the extent to which each would advance the national goal of making post secondary education accessible to all individuals, including returning veterans, having the desire and ability to continue their education. (b) (1) There is hereby established, as an independent agency within the executive branch, a National Commission on the Financing of Postsecondary Education (referred to in this section as the “Commission”). Upon the submission of its final report required by subsection (d) the Commission shall cease to exist. (2) The Department of Health, Education, and Welfare shall provide the Commission with necessary administrative services (including those related to budgeting, accounting, financial reporting, personnel86 Stat. 283 and procurement) for which payment shall be made in advance, or by reimbursement, from funds of the Commission and such amounts as may be agreed upon by the Commission and the Secretary of Health, Education, and Welfare. (3) The Commission shall have authority to accept in the name of the United States, grants, gifts, or bequests of money for immediate disbursement in furtherance of the functions of the Commission. Such grants, gifts or bequests, after acceptance by the Commission, shall be paid by the donor or Iris representative to the Treasurer of the United States whose receipts shall be their acquittance. The Treasurer of the United States shall enter them in a special account to the credit of the Commission for the purposes in each case specified. (c) In conducting such a study, the Commission shall consider— (1) the nature and causes of serious financial distress facing institutions of postsecondary education; and (2) alternative models for the long range solutions to the problems of financing postsecondary education with special attention to the potential Federal, State, local, and private participation in such programs, including, at least— (A) the assessment of previous related private and governmental studies and their recommendations; (B) existing State and local programs of aid to postsecondary institutions; (C) the level of endowment, private sector support and other incomes of postsecondary institutions and the feasibility of Federal and State income tax credits for charitable contributions to postsecondary institutions; (D) the level of Federal support of postsecondary institutions through such programs as research grants, and other general and categorical programs; (E) alternative forms of student assistance, including at least loan programs based on income contingent lending, loan programs which utilize fixed, graduated repayment schedules, loan programs which provide for cancellation or deferment of all or part of repayment in any given year based on a certain level of a borrower’s income; and existing student assistance programs including those administered by the Office of Education, the Social Security Administration, the Public Health Service, the National Science Foundation, and the Veterans Administration; and (F) suggested national uniform standards for determining the annual per student costs of providing postsecondary education for students in attendance at various types and classes of institutions of higher education. (d) No later than April 30, 1973, the Commission shall make a final report to the President and Congress on the results of the investigation and study authorized by this section, together with such findings and recommendations, including recommendations for legislation, as it deems appropriate, including suggested national uniform standards referred to in subsection (c)(2)(F) and any related recommendations for legislation. No later than 60 days after the final report the Commissioner shall make a report to the Congress commenting on the Commission’s suggested national uniform standards, and incorporating his recommendations with respect to national uniform standards together with any related recommendations for legislation. (e) In order to carry out the provisions of this part, the Commission is authorized to— (1) enter into contracts with institutions of postsecondary education and other appropriate individuals, public agencies and private organizations; 86 Stat. 284 (2) appoint and fix the compensation of such personnel as may be necessary; (3) employ experts and consultants in accordance with section 3109 of title 5, United States Code; (4) utilize, with their consent, the services, personnel, information and facilities of other Federal. State, local, and private agencies with or without reimbursement; and (5) consult with the heads of such Federal agencies as it deems appropriate. (f) (1) The Commission is further authorized to conduct such hearings at such times and places as it deems appropriate for carrying out the purposes of this section. (2) The heads of all Federal agencies are, to the extent not prohibited by law, directed to cooperate with the Commission in carrying out this section. (g) (1) The Commission shall be composed of— (A) two members of the Senate who shall be members of the different political parties and who shall be appointed by the President of the Senate; (B) two Members of the House of Representatives who shall be members of different political parties and who shall be appointed by the Speaker of the House of Representatives: and (C) not to exceed thirteen members appointed by the President not later than ninety days after the date of enactment of this Act-Such members shall be appointed from— (i) members of State and local educational agencies; (ii) State and local government officials; (iii) education administrators from private and public higher education institutions and community colleges; (iv) teaching faculty; (v) financial experts from the private sector; (vi) students; (vii) the Office of Education; and (viii) other appropriate fields. (2) The President shall designate one of the members to serve as Chairman and one to serve as Vice Chairman of the Commission. (3) The majority of the members of the Commission shall constitute a quorum, but a lesser number may conduct hearings. (4) The terms of office of the appointive members of the Commission shall expire after submission of the final report. (h) There are hereby authorized to be appropriated $1,500,000 for the period beginning on the date of enactment of this Act and ending July 1, 1973, for the purpose of carrying out the provisions of this section.