Colorado Revised Statutes Title 23. Postsecondary Education § 23-5-137. Loan repayment assistance--legislative declaration--definitions

(2)(a) The general assembly hereby finds, determines, and declares that:

(b) The general assembly therefore declares that it is in the best interest of the state of Colorado to encourage and authorize institutions of higher education to create loan repayment assistance programs that provide for the partial or full repayment of the educational loans of students or graduates who enter public interest careers.

(a) “Institution of higher education” means a postsecondary educational institution established and existing pursuant to law.

(b) “Program” means a loan assistance repayment program authorized pursuant to this article for students or graduates who enter public interest careers.

(4)(a) The governing board of each institution of higher education is hereby encouraged and authorized to establish a loan repayment assistance program to assist students or graduates from the institution who select careers in public interest. The governing board of each institution shall establish criteria and rules to govern the implementation and operation of the program at the institution. The program shall allow the governing board to provide a loan or a grant to a student or graduate of the institution in accordance with the criteria and rules set forth by the governing board pursuant to this section.

(b) Private contributions made for the benefit of a program and other available funds shall fund a program at an institution of higher education. An institution of higher education shall hold moneys to support a program in a fund account, and any unexpended or unencumbered moneys remaining in the account at the end of a fiscal year shall remain in the account and shall not revert or be transferred to another account or fund.