§ 97-HHHH — The student lending education account

§ 97-hhhh. The student lending education account. 1. There is hereby\nestablished in the joint custody of the state comptroller and the\ncommissioner of taxation and finance an account to be known as the\nstudent lending education account.\n 2. Such account shall consist of all revenues generated pursuant to\nsection six hundred thirty of the education law and all other moneys\ncredited or transferred thereto from any other fund or source pursuant\nto law.\n 3. Moneys of the account, following appropriation by the legislature\nshall be made available to the state education department for the\npurposes of: (a) supporting programs that educate students, potential\nstudents, and parents of such students on the educational loan process,\nincluding, but not limited to, available educational loan options,\nunderstanding rates and terms of student loans, managing costs and\ncredit responsibilities, student loan repayment and loan consolidation;\nand (b) reimbursing students from inflated educational loan prices\ncaused by revenue sharing agreements between such covered institution\nand a lending institution. Money shall be paid out of the account on the\naudit and warrant of the state comptroller on vouchers certified or\napproved by the state education department.\n