Parental Assistance for Tuition Investment Act of 1987

[AI summary unavailable — showing source text] Title I: Establishment of National Postsecondary Education Trust - Parental Assistance for Tuition Investment Act of 1987 - Establishes the National Postsecondary Education Trust. Creates a Board of Trustees of the Trust, to be composed of: (1) the Secretaries of Education and the Treasury, serving ex officio; and (2) five representatives of postsecondary education institutions and five members of the general public (not more than half of whom may be from the same political party), who shall be appointed by the President, by and with the advice and consent of the Senate. Creates under the jurisdiction and control of the Board an Advance Tuition Payment Fund. Sets forth the general duties of the Board, including holding the funds of the Trust, establishing necessary policy and procedures for operating the Trust, paying money directly to postsecondary institutions, collecting necessary fees for its operation, imposing reasonable time limits on use of tuition benefits, and other related administrative matters. Directs the Secretary of the Treasury, as Managing Trustee, to invest portions of Fund moneys in interest-bearing obligations of the United States or in obligations guaranteed b…