It is declared to be the policy of this state that for the benefit of the people of the state, the increase of their commerce, welfare, and prosperity and the improvement of their health and living conditions, it is essential that students attending higher educational institutions be given the fullest opportunity to learn and develop their intellectual and mental capacities. It is recognized that the financial costs to obtain an education beyond the high school level are often burdensome or prohibitive, and it is essential that qualified students or their parents be provided with methods to finance postsecondary education. It is essential that state residents be provided with an appropriate method of financing their postsecondary educations so that they might achieve the required levels of learning and development of their intellectual and mental capacities. Therefore, the general court has conferred certain powers on the state treasurer to accomplish the purposes of this chapter, all to the public benefit and good. It is further declared that the exercise by the state treasurer of the powers conferred under this chapter shall constitute the performance of an essential governmental function.