Neb. Rev. Stat. § 79-2,106: Department; gifts, devises, and bequests; accept; loans; terms and conditions.

The State Department of Education may accept, in trust, any gifts, devises, and bequests to be held and administered by the department for the purpose of making loans to worthy and needy students attending any college, university, or community college in this state. Such loans shall only be made to students whose parents are residents of Nebraska. Such loans shall be made on such terms and conditions as the State Board of Education shall prescribe or as may be imposed by the donor.