Pay It Forward College Affordability Act of 2014

[AI summary unavailable — showing source text] Pay It Forward College Affordability Act of 2014 - Direct the Secretary of Education to conduct studies regarding the feasibility of, and options for, implementing the Pay It Forward model for funding postsecondary education. Directs the Secretary, unless the studies determine that the funding model is not feasible or beneficial, to award competitive matching grants to states to establish and carry out Pay It Forward model state pilot programs. Limits the number of states and students that may participate in the programs. Describes the "Pay It Forward model" as a system in which the Secretary, a state, or an institution of higher education (IHE) replaces students' need to borrow under the William D. Ford Federal Direct Loan program by covering all or part of their cost of attending an IHE in exchange for their agreement to contribute a certain percentage (not to exceed 5%) of their annual income for a specified number of years (not to exceed 25 years) after graduating or ceasing to be enrolled at the IHE. Requires that model to cover at least a student's cost of tuition and mandatory fees, but only to the extent they do not exceed the cost of tuition and mandatory fees at…