Parental Assistance With Tuition Savings Certificates Act of 1987
United States · United States Congress · 27 January 1988
Parental Assistance With Tuition Savings Certificates Act of 1987 - Authorizes the Secretary of Education (the Secretary) to issue and redeem a postsecondary education savings certificate to be known as the Parental Assistance With Tuition Savings Certificate. Sets forth terms for such certificates. Directs the Secretary to prescribe regulations for such certificates and sets forth their method of issuance. Authorizes appropriations to cover the costs of selling and redeeming certificates. Provides for incentive payments to postsecondary education institutions which accept such certificates and whose tuition cost increases have not exceeded a specified rate. Provides that certificate funds shall not be considered as income or resources in determining eligibility for assistance under federally funded programs, except in the case of specified types of students applying for student assistance under the Higher Education Act of 1965. Sets forth nondiscrimination provisions. Directs the Secretary to support participation in the certificates program by: (1) encouraging the private sector and Government to promote employee participation in payroll deductions for the purchase of certificates; (2) encouraging businesses, nonprofit organizations, charitable groups, educational organizations, and individuals to participate in programs to provide needy youngsters with access to such certificates; and (3) work with the Secretary of the Treasury to reinstitute the Savings Stamp program to enable children to save toward the purchase of certificates.