Current as of January 01, 2019 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(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.
(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.
Cite this article: FindLaw.com - Rhode Island General Laws Title 16. Education § 16-57-10. Reserve funds - last updated January 01, 2019 | https://codes.findlaw.com/ri/title-16-education/ri-gen-laws-sect-16-57-10/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.