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164.744 Purpose of authority.

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164.744 Purpose of authority. The purpose of the Kentucky Higher Education Assistance Authority shall be to improve <br>the higher education opportunities of persons who are attending or planning to attend <br>eligible institutions. Such purpose is hereby declared to be a public purpose for which <br>public money may be spent. Pursuant to rules and regulations which may be adopted by <br>the board which are not inconsistent with the federal act, the authority may: <br>(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 <br>secretary, pursuant to the federal act and where the subject eligible lender has <br>entered into an appropriate contract with the authority; and (2) Provide from funds available to it loans, grants, scholarships, and work-study awards to eligible students who are residents of Kentucky to enable such persons to <br>pursue an eligible program of study at a participating institution located in the <br>Commonwealth, and, if required by the federal act, to such persons attending such <br>nonprofit institutions as may be approved by the board. Effective: July 15, 1982 <br>History: Amended 1982 Ky. Acts ch. 403, sec. 2, effective July 15, 1982. -- Amended 1980 Ky. Acts ch. 188, sec. 125, effective July 15, 1980. -- Amended 1978 Ky. Acts <br>ch. 339, sec. 3, effective June 17, 1978. -- Amended 1974 Ky. Acts ch. 135, sec. 2. -- <br>Created 1966 Ky. Acts ch. 93, sec. 2.