37-143-17 - Establishment of a loan or scholarship mechanism employing agreements to repay private sector loans for education or guaranteed student loans. - Mississippi Statutes

§ 37-143-17. Establishment of a loan or scholarship mechanism employing agreements to repay private sector loans for education or guaranteed student loans.
 

In connection with the foregoing loan or scholarship programs, and in addition to the funding of the same through the use of state funds, the board of trustees is authorized to establish a loan or scholarship mechanism employing agreements to repay private sector loans for education or guaranteed student loans. As an alternative to the loan and scholarship systems described in the foregoing sections, the board of trustees is authorized to develop contractual relations with eligible applicants to repay, for and in behalf of such applicants, any or all outstanding private sector loans for education or guaranteed student loans, by undertaking to repay installments of interest and principal according to the requirement of such loans, so long as the applicants perform the terms of their loan or scholarship contracts with the board of trustees. The board of trustees may establish by rule and regulation the terms of such contracts so as to accomplish the purposes of the foregoing loan or scholarship programs, including, but not limited to: The maximum amount the board of trustees will undertake to repay; the maximum duration of the repayment arrangement or the period of required service; the geographical location for approved service; the nature of the service to be rendered; the needed professional occupations; the critical majors or subject areas of concentration; the criteria to determine need and the degree of need required for eligibility; and the scholastic achievement level required to be maintained by the student participants. The board of trustees may prescribe such other rules and regulations as it deems necessary and proper to carry out the purposes and intent of this section. 
 

Sources: Laws,  1991, ch. 547, § 9, eff from and after July 1, 1991.