KRS 164.744: Purpose of authority.

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 wh ich

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 i t 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 federa l act, to such persons attending such

nonprofit institutions as may be approved by the board.