§ 1679. Supplemental higher education loan financing program. 1. The\npurpose of the supplemental loan financing program is to make available\nto students attending public and independent sector institutions of\nhigher education financial assistance beyond the grants and loans\navailable from state, federal and private sources where such students\ndemonstrate remaining financial need.\n 2. In furtherance of its powers under this title with respect to the\nsupplemental higher education loan financing program, the authority is\nauthorized:\n (a) to receive and accept from any source loans, contributions or\ngrants for or in aid of a supplemental higher education loan financing\nprogram or any portion thereof and, when desirable, to use such funds,\nproperty or labor only for the purposes for which it was loaned,\ncontributed or granted;\n (b) to make education loans to participating institutions for higher\neducation, and require that the proceeds of such education loans be used\nfor making student loans, funding reserves, providing for capitalized\ninterest and paying other costs and fees involved in making student\nloans or issuing bonds;\n (c) to issue bonds not in excess of two hundred million dollars for\nthe purpose of making direct loans, education loans for the express\npurpose of providing student loans, and the purchasing, acquiring or\ntaking by assignment or otherwise of student loans, provided, however,\nthat each such sale of bonds shall be subject to the approval of the\npublic authorities control board;\n (d) to purchase student loans from participating institutions for\nhigher education under terms and conditions which require that such\nloans were originated after the effective date of this section in\ncontemplation of participation by such institutions for higher education\nin a supplemental higher education loan financing program of the\nauthority authorized by this section and in anticipation of the purchase\nof such loans by the authority, provided, however, that, prior to the\nsale of bonds any portion of the proceeds of which shall be used for the\npurchase, acquisition or taking by assignment or otherwise of student\nloans, the authority shall by resolution adopt specific guidelines\nsetting forth the terms and conditions upon which such purchases,\nacquisitions and taking by assignment or otherwise shall be made. No\nsuch resolution shall be adopted until at least forty-five days after\nthe delivery of a copy of such proposed guidelines to the governor, the\ntemporary president of the senate and the speaker of the assembly for\ncomment.\n 3. The authority shall adopt guidelines, subject to review by the\nadvisory committee, created pursuant to subdivision ten of this section,\nand consistent with federal law and regulations to the extent applicable\nwhich shall include but not be limited to: (a) eligibility criteria for\nmaking education loans and direct loans; (b) limitations upon the\nprincipal amounts and the terms of education loans and direct loans; (c)\nqualifications and characteristics of borrowers; and (d) procedures for\nallocating education loans among independent institutions and for\nallocating direct loans among students and parents of students attending\npublic institutions. Such guidelines shall also include such eligibility\nstandards for borrowers as the authority shall determine are necessary\nor desirable in order to effectuate the purposes of this section\nincluding the following: (a) each student shall have a certificate of\nenrollment or acceptance for enrollment at a specific participating\ninstitution for higher education; (b) each student or his or her parents\nshall satisfy such financial qualifications as the authority shall\nestablish to effectuate the purposes of this section; and (c) each\nstudent and his or her parents shall submit such information as may be\nrequired by the authority to his or her institution for higher\neducation. Such guidelines shall also establ
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.