Rhode Island General Laws 16-57-10. Reserve funds
(a) To ensure the continued operation and solvency of the guaranteed student loan program, the office of the postsecondary commissioner shall create and establish reserve funds, and may pay into the funds any money appropriated and made available by the state or any other source for the purpose of the funds, and any money collected by the division as fees for the guaranty of eligible loans.
Terms Used In Rhode Island General Laws 16-57-10
- Commissioner of postsecondary education: means the commissioner appointed by the council on postsecondary education pursuant to § 16-59-6 or his or her designee. See Rhode Island General Laws 16-57-3
- Division: means the Rhode Island division of higher education assistance, the division authorized, created, and established pursuant to § 16-57-4. See Rhode Island General Laws 16-57-3
- Guaranteed student loan program: means the program of federal student loan insurance and reinsurance administered by the commissioner of postsecondary education. See Rhode Island General Laws 16-57-3
- State: means the state of Rhode Island. See Rhode Island General Laws 16-57-3
(b) Furthermore, it is the intent of the general assembly that these funds eventually be used to increase financial assistance to Rhode Island students in the form of scholarships and grants as approved by the commissioner of postsecondary education and as directed by the U.S. Department of Education and in accordance with federal statutes and regulations governing the use of funds in the guaranty agency’s operating fund pursuant to the provisions and restrictions of the 1998 reauthorization of the federal Higher Education Act.
(c) [Deleted by P.L. 2015, ch. 141, art. 7, § 6.]
History of Section.
P.L. 1977, ch. 238, § 1; P.L. 2012, ch. 241, art. 4, § 1; P.L. 2013, ch. 501, § 63; P.L. 2014, ch. 145, art. 14, § 4; P.L. 2015, ch. 141, art. 7, § 6.