Colorado § 23-5-137 Loan repayment assistance - legislative declaration - definitions

Colorado Statutes

§ 23-5-137 — Loan repayment assistance - legislative declaration - definitions

Colorado·Title 23 Postsecondary Education·Art. General Provisions

(1)This section shall be known and may be cited as the Loan Repayment Assistance Act.

(2)(a) The general assembly hereby finds, determines, and declares that:

(I)It is of great value to the state to encourage students and graduates of institutions of higher education to enter public interest careers;

(II)With rising costs of education and the debt that many students incur to finance their education, there are increasing barriers to entering public interest employment because the pay is typically substantially lower than that of other employment sectors; and

(III)Inspired by a tradition of public interest, the university of Colorado law school developed a loan repayment assistance program to encourage and assist students and graduates to enter careers related to public inter

Free access — add to your briefcase to read the full text and ask questions with AI

(1) This section shall be known and may be cited as the Loan Repayment
Assistance Act.

(2) (a) The general assembly hereby finds, determines, and declares that:

(I) It is of great value to the state to encourage students and graduates of
institutions of higher education to enter public interest careers;

(II) With rising costs of education and the debt that many students incur to
finance their education, there are increasing barriers to entering public interest
employment because the pay is typically substantially lower than that of other
employment sectors; and

(III) Inspired by a tradition of public interest, the university of Colorado law
school developed a loan repayment assistance program to encourage and assist
students and graduates to enter careers related to public interest and to help
improve access to the justice system.

(b) The general assembly therefore declares that it is in the best interest of
the state of Colorado to encourage and authorize institutions of higher education to
create loan repayment assistance programs that provide for the partial or full
repayment of the educational loans of students or graduates who enter public
interest careers.

(3) As used in this section, unless the context otherwise requires:

(a) Institution of higher education means a postsecondary educational
institution established and existing pursuant to law.

(b) Program means a loan assistance repayment program authorized
pursuant to this article for students or graduates who enter public interest careers.

(4) (a) The governing board of each institution of higher education is hereby
encouraged and authorized to establish a loan repayment assistance program to
assist students or graduates from the institution who select careers in public
interest. The governing board of each institution shall establish criteria and rules to
govern the implementation and operation of the program at the institution. The
program shall allow the governing board to provide a loan or a grant to a student or
graduate of the institution in accordance with the criteria and rules set forth by the
governing board pursuant to this section.

(b) Private contributions made for the benefit of a program and other
available funds shall fund a program at an institution of higher education. An
institution of higher education shall hold moneys to support a program in a fund
account, and any unexpended or unencumbered moneys remaining in the account
at the end of a fiscal year shall remain in the account and shall not revert or be
transferred to another account or fund.

Colorado § 23-5-137 (Loan repayment assistance - legislative declaration - definitions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.