SECTION 1. There shall be a special commission to incentivize the Commonwealth’s college scholarship system. The commission shall consist of: the Speaker of the House of Representatives, or his designee; the President of the Senate, or her designee; the Minority Leader of the House of Representatives, or his designee; the Minority Leader of the Senate, or his designee; the Chairpersons of the Joint Committee on Higher Education, or their designee; and 8 persons appointed by the Governor, 1 of whom shall be the Secretary of Education, or his designee, 1 of whom shall be a representative from the University of Massachusetts, 1 of whom shall be a representative from the State College System, 1 of whom shall be a representative State Community College, 1 of whom shall be a representative from the Massachusetts Bankers Association, and 1 of whom shall be a representative from Families United in Educational Leadership.

SECTION 2. The special commission shall make an investigation and study of the scholarship programs that provide financial assistance to Massachusetts students enrolled in or pursuing a program of higher education at any approved public or independent college, university, school of nursing, or any other approved institution furnishing a program of higher education, and shall focus on students with little or no family history of college attendance.  Said study shall examine methods that have been used in the Commonwealth and other states to better prepare these students for college.  The study shall include but not be limited to: the examination of  voluntary college savings programs focused on the needs of said families; the possible use of federally matched independent development accounts; the impact of committing scholarship funds to students prior to the twelfth grade; and the need for a pilot program for ninth thru twelfth grade students in up to 5 public school districts, to encourage family engagement and student academic achievement through the use of scholarships in conjunction with family savings for college; potential  additional funding sources for a college savings matching program with priority placed on financial matches that have no additional cost to the Commonwealth. 

SECTION 3. The commission shall hold at least 3 public meetings and file a report of the results of its study including any legislative or regulatory recommendations with the clerks of the Senate and House of Representatives who shall forward the same to the Joint Committee on Higher Education and the Senate and House Committees on Ways and Means not later than December 31, 2010.