HARRY HUGHES, Governor

3079

EDUCATION LOCATED IN THE STATE HAVE REASONABLE FINANCIAL
ALTERNATIVES TO ENHANCE THEIR ACCESS TO SUCH INSTITUTIONS;

(3)  REASONABLE FINANCIAL ACCESS TO INSTITUTIONS
OF HIGHER EDUCATION WILL ASSIST SUCH YOUTH IN ACHIEVING THE
OPTIMUM LEVELS OF LEARNING AND DEVELOPMENT OF THEIR
INTELLECTUAL AND MENTAL CAPACITIES AND SKILLS;

(4)  THERE EXISTS A SERIOUS PROBLEM IN THIS STATE
REGARDING THE ABILITY OF STUDENTS TO OBTAIN FINANCING FOR
THE COST OF EDUCATION BEYOND THE HIGH SCHOOL LEVEL;

(5)  ESCALATING COSTS OF SECURING SUCH AN
EDUCATION HAVE CONTRIBUTED TO THE DIFFICULTIES FACED BY
STUDENTS IN ATTEMPTING TO FINANCE AN EDUCATION;

(6)  WITHOUT THE PUBLIC ACTION CONTEMPLATED BY
THIS SUBTITLE, MANY STUDENTS WILL BE FORCED TO POSTPONE OR
ABANDON PLANS FOR OBTAINING ADDITIONAL EDUCATION;

(7)  IT IS IN THE INTERESTS AND WELFARE OF THE
CITIZENS OF THE STATE TO PROVIDE A MEANS FOR ASSISTING
STUDENTS TO CONTINUE THEIR EDUCATION; AND                 

(8)  IT IS NECESSARY TO CREATE A HIGHER EDUCATION
SUPPLEMENTAL LOAN AUTHORITY TO ENCOURAGE THE INVESTMENT OF
PRIVATE CAPITAL IN THE PROVISION OF FUNDS FOR THE FINANCING
OF STUDENT LOANS.

(B)  THE GENERAL ASSEMBLY DECLARES ITS LEGISLATIVE
PURPOSE TO:

(1)  PROVIDE A MEASURE OF ASSISTANCE AND AN
ALTERNATIVE METHOD TO ENABLE STUDENTS AND THE FAMILIES OF
STUDENTS ATTENDING INSTITUTIONS OF HIGHER EDUCATION LOCATED
IN THE STATE APPROPRIATELY AND PRUDENTLY TO FINANCE THE COST
OR A PORTION OF THE COST OF SUCH HIGHER EDUCATION;

(2)  TO SUPPLEMENT FEDERAL GUARANTEED HIGHER
EDUCATION LOAN PROGRAMS, OTHER STUDENT LOAN PROGRAMS, AND
GRANT OR SCHOLARSHIP PROGRAMS TO PROVIDE THE NEEDED
ADDITIONAL OPTIONS FOR THE FINANCING OF A STUDENT'S HIGHER
EDUCATION IN EXECUTION OF THE PUBLIC POLICY RECITED HEREIN;
AND

(3)  CAUSE THE ESTABLISHMENT OF THE AUTHORITY FOR
THE BENEFIT OF THE PEOPLE OF THE STATE, FOR. THE IMPROVEMENT
OF THEIR EDUCATION, HEALTH AND WELFARE, AND FOR THE
PROMOTION OF THE ECONOMY.

(C)  THE AUTHORITY WILL BE PERFORMING AN ESSENTIAL
GOVERNMENTAL FUNCTION IN THE EXERCISE OF THE POWERS AND
DUTIES CONFERRED UPON IT AND THIS SUBTITLE SHALL BE
LIBERALLY CONSTRUED TO EFFECT ITS PURPOSES.