{"data":{"id":"us-ky/krs-164.753","jurisdiction":"us-ky","citation":"KRS 164.753","heading":"Rules and regulations governing loans, loan guarantees, scholarships,","body":"grants, and work-study programs.\n(1) In the instance of loans, the rules and regulations adopted by the board may include,\nbut not be limited to, those which:\n(a) Are necessary to qualify the authority as an insured lender under the Higher\nEducation Act of 1965, as amended;\n(b) Require that loans be made only to those eligible students who are unable to\nsecure comparable loans from private lenders; and\n(c) Are necessary to quali fy the authority as a lender under the Public Health\nService Act, as amended.\n(2) In the instance of insured student loans and loan guarantees, the rules and\nregulations adopted by the board shall include, but not be limited to, those which\nare necessary t o qualify the authority to insure loans under the federal act, as\namended, and following such qualification to issue loan guarantees to participating\nlenders on any loans advanced by such lenders to eligible students attending or\nplanning to attend any participating institution.\n(3) In the instance of scholarships, except scholarships provided pursuant to KRS\n164.518, the rules and regulations adopted by the board shall include, but not be\nlimited to, those which:\n(a) Specify ways in which superior academic  achievement or ability or special\ntalents will be identified and measured;\n(b) Ensure that the amount of scholarship to a student attending or planning to\nattend a participating institution will not exceed the student's total cost of\nattendance, or the ma ximum scholarship as established by the board,\nwhichever is less;\n(c) Restrict scholarships to persons who are classified as resident students under\nthe rules and regulations of the Council on Postsecondary Education;\n(d) Ensure that scholarships are award ed only to eligible students who have\napplied for such federal, state, or institutional student financial assistance\nprograms as the authority may require;\n(e) Ensure that scholarships are awarded only to eligible students who are\nplanning to enroll, accepted for enrollment, or are enrolled in a participating\ninstitution; and\n(f) If eligibility for the scholarship is based on financial need, ensure, by such\nneeds analysis as the authority may require, that the person is in need of the\nassistance in order to enroll in or complete an eligible program of study as\ndefined by the board.\n(4) In the instance of grants, the rules and regulations adopted by the board shall\ninclude, but not be limited to, those which:\n(a) Ensure that the amount of a grant to a student will not exceed the financial\nneed of the student as determined in accordance with paragraph (e) of this\nsubsection or the maximum grant as established by the board, whichever is\nless;\n(b) Restrict grants to persons who are classified as resident students under the\nrules and regulations of the Council on Postsecondary Education;\n(c) Ensure that grants are awarded only to eligible students who have applied for\nsuch federal, state, or institutional student financial assistance programs as the\nauthority may require;\n(d) Ensure that grants are awarded only to eligible students who are planning to\nenroll, accepted for enrollment, or are enrolled in a participating ins titution;\nand\n(e) Ensure, by such needs analysis as the authority may require, that grants be\nmade only to students who have insufficient financial resources to enroll in or\ncomplete an eligible program of study as defined by the board.\n(5) Funds appropriated to the financial assistance program established by KRS 164.780\nand 164.785 shall be administered by the board in accordance with the provisions of\nKRS 164.780 and 164.785.\n(6) In the instance of work -study payments, rules and regulations adopted by the  board\nshall include, but not be limited to, those which require that:\n(a) The employment opportunity available for the student will not interfere with\nthe student's normal progress toward a degree, diploma, or certificate;\n(b) Contracts to promote increased employment opportunities for eligible students\nwill not result in the displacement of employed workers or impair existing\ncontracts for services; and\n(c) The work-study payment will not exceed the financial need of the student or\nthe maximum payment as established by the board, whichever is less.","path":["KRS Chapter 164"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4423","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:17Z","sha256":"586c798ddba68ecb74aa7667a8d44174af2d03e53108133be208eaedfa14dc99","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164.752","next":"us-ky/krs-164.7531"},"notice":"GroundRules: Original legal text. Not legal advice."}