There shall be a special commission to investigate and study the need to incentivize the commonwealth’s college scholarship system. The commission shall consist of: the speaker of the house of representatives, or a designee; the president of the senate, or a designee; the minority leader of the house of representative, or a designee; the minority leader of the senate, or a designee; the house chair of the joint committee on higher education, or a designee; the senate chair of the joint committee on higher education, or a designee; the secretary of education, or a designee; the commissioner of higher education, or a designee; the executive director of the Massachusetts Educational Financing Authority, or a designee; and 6 persons appointed by the governor 1 of whom shall be a representative from the University of Massachusetts, 1 of whom shall be a representative from the state universities, 1 of whom shall be a representative from the community colleges, 1 of whom shall be a representative from the Association of Independent Colleges and Universities in Massachusetts, 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.

     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 need 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; the need for a pilot program for ninth through 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; and potential additional funding sources for a college savings matching program with priority placed on financial matches that have no additional cost to the commonwealth.

     The commission shall report to the general court the results of its investigation and study, and its recommendations, if any, 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, 2011.