The Office of Higher Education shall: (1) Establish state-wide policy pertaining to student financial assistance; (2) establish procedure by regulation, for the award of financial assistance under sections 10a-167 and 10a-173; (3) review and approve applications for financial assistance under sections 10a-168 and 10a-173; (4) receive and review records of all financial assistance granted pursuant to section 10a-167; (5) increase the availability of the state financial assistance programs to all segments of the state population, with significant attention to those with special needs; and (6) assist financial aid officers at institutions of higher education and secondary school guidance counselors and school counselors in becoming better informed about matters concerning student financial assistance affairs.