164.744 Purpose of authority.
181 words·~1 min read·
/ky/chapter-164/164-744A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The purpose of the Kentucky Higher Education Assistance Authority shall be to improve the higher education opportunities of persons who are attending or planning to attend eligible institutions. Such purpose is hereby declared to be a public purpose for which public money may be spent. Pursuant to rules and regulations which may be adopted by the board which are not inconsistent with the federal act, the authority may:
(1)Insure loans to students, but such insurance shall be provided only if such loans
meet the criteria of the federal act and are the subject of agreements with the
secretary, pursuant to the federal act and where the subject eligible lender has
entered into an appropriate contract with the authority; and
(2)Provide from funds available to it loans, grants, scholarships, and work-study
awards to eligible students who are residents of Kentucky to enable such persons to
pursue an eligible program of study at a participating institution located in the
Commonwealth, and, if required by the federal act, to such persons attending such
nonprofit institutions as may be approved by the board.