(a) To ensure the continued operation and solvency of the guaranteed student loan program, the office of the postsecondary commissioner shall create and establish reserve funds, and may pay into the funds any money appropriated and made available by the state or any other source for the purpose of the funds, and any money collected by the office as fees for the guaranty of eligible loans.
(b) Furthermore, it is the intent of the general assembly that these funds eventually be used to increase financial assistance to Rhode Island students in the form of scholarships and grants as approved by the commissioner of postsecondary education and as directed by the U.S. Department of Education and in accordance with federal statutes and regulations governing the use of funds in the guaranty agency’s operating fund pursuant to the provisions and restrictions of the 1998 reauthorization of the federal Higher Education Act.
(c) [Deleted by P.L. 2015, ch. 141, art. 7, § 6.]