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This entry was published on 2014-09-22
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The student lending education account
State Finance (STF) CHAPTER 56, ARTICLE 6
§ 97-hhhh. The student lending education account. 1. There is hereby
established in the joint custody of the state comptroller and the
commissioner of taxation and finance an account to be known as the
student lending education account.

2. Such account shall consist of all revenues generated pursuant to
section six hundred thirty of the education law and all other moneys
credited or transferred thereto from any other fund or source pursuant
to law.

3. Moneys of the account, following appropriation by the legislature
shall be made available to the state education department for the
purposes of: (a) supporting programs that educate students, potential
students, and parents of such students on the educational loan process,
including, but not limited to, available educational loan options,
understanding rates and terms of student loans, managing costs and
credit responsibilities, student loan repayment and loan consolidation;
and (b) reimbursing students from inflated educational loan prices
caused by revenue sharing agreements between such covered institution
and a lending institution. Money shall be paid out of the account on the
audit and warrant of the state comptroller on vouchers certified or
approved by the state education department.