reglab/statecodes huggingface dataset:
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.20 - Scholarship and tuition grant reserve fund.

261.20 Scholarship and tuition grant reserve fund.
1. A scholarship and tuition grant reserve fund is created to assure that financial assistance will be available to all students who are awarded scholarships or tuition grants through programs funded under this chapter. The fund is created as a separate fund in the state treasury, and moneys in the fund shall not revert to the general fund unless, and then only to the extent that, the funds exceed the maximum allowed balance.
2. The maximum balance of the scholarship and tuition grant reserve fund is an amount equal to two percent of the funds appropriated to the scholarship and tuition grant programs under section 261.25 during the preceding fiscal year. The moneys in the fund shall be placed in separate accounts within the fund, according to the source and purpose of the original appropriation. Moneys in the various accounts shall only be used to alleviate a current fiscal year shortfall in appropriations for scholarship or tuition grant programs that have the same nature as the programs for which the moneys were originally appropriated. At the conclusion of a fiscal year, any surplus appropriations made to the commission for scholarship or tuition grant programs are appropriated to the scholarship and grant reserve fund in an amount equal to the amount of the surplus or the amount necessary to achieve the maximum balance, whichever amount is less.
3. Transfers of moneys from the scholarship and tuition grant reserve fund to appropriation accounts in which there is a current fiscal year shortfall may be made only with the prior written approval of the governor. At least two weeks before moneys are transferred from the fund, the commission shall notify the chairpersons of the standing appropriations committees of the general assembly and the co-chairpersons of the education appropriations subcommittee of the proposed transfer. The notice shall include information concerning the amount of and reason for the proposed transfer. The chairpersons shall be given at least two weeks to review and comment on the proposed transfer before the transfer can be made.
4. The commission shall annually report to the general assembly the methodology and manner in which the commission makes the determination of awards for programs for which funds are appropriated under section 261.25.
89 Acts, ch 300, §4; 2020 Acts, ch 1121, §8
Referred to in §261.2
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.25 - Appropriations — standing limited.

261.25 Appropriations — standing limited.
1. There is appropriated from the general fund of the state to the commission for each fiscal year the sum of fifty million one hundred eighteen thousand four hundred fifty-one dollars for tuition grants to qualified students who are enrolled in accredited private institutions.
2. There is appropriated from the general fund of the state to the commission for each fiscal year the sum of five hundred thousand dollars for tuition grants for qualified students who are enrolled in eligible institutions. Of the moneys appropriated under this subsection, not more than one hundred thousand dollars annually shall be used for tuition grants to qualified students who are attending an eligible institution under section 261.9, subsection 3, paragraph “b”.
3. There is appropriated from the general fund of the state to the commission for each fiscal year the sum of one million seven hundred fifty thousand one hundred eighty-five dollars for vocational-technical tuition grants.
4. This section shall not be construed to be a limitation on any of the amounts which may be appropriated by the general assembly for any program enumerated in this section.
[C77, 79, 81, §261.25]
83 Acts, ch 197, §15; 85 Acts, ch 263, §17; 87 Acts, ch 233, §458; 88 Acts, ch 1003, §2; 88 Acts, ch 1284, §13, 28; 89 Acts, ch 319, §47, 48; 90 Acts, ch 1253, §122; 90 Acts, ch 1272, §54; 91 Acts, ch 180, §3; 91 Acts, ch 260, §908; 91 Acts, ch 267, §218; 92 Acts, ch 1246, §30; 93 Acts, ch 179, §21; 94 Acts, ch 1193, §19, 20; 95 Acts, ch 218, §22; 96 Acts, ch 1215, §38; 97 Acts, ch 212, §27; 98 Acts, ch 1215, §37, 38; 99 Acts, ch 205, §31, 32; 2000 Acts, ch 1095, §14; 2000 Acts, ch 1223, §28; 2002 Acts, ch 1171, §85
; 2002 Acts, 2nd Ex, ch 1003, §93, 95
; 2003 Acts, ch 35, §45, 49; 2003 Acts, ch 182, §13; 2004 Acts, ch 1175, §93; 2005 Acts, ch 169, §26, 27; 2006 Acts, ch 1180, §18, 19; 2006 Acts, ch 1182, §43; 2007 Acts, ch 214, §27; 2008 Acts, ch 1181, §33; 2009 Acts, ch 177, §27; 2010 Acts, ch 1183, §23, 24, 43; 2011 Acts, ch 36, §4; 2011 Acts, ch 132, §13, 106; 2012 Acts, ch 1132, §11; 2017 Acts, ch 172, §18, 19; 2018 Acts, ch 1163, §13; 2019 Acts, ch 135, §13; 2021 Acts, ch 170, §16; 2022 Acts, ch 1149, §13
Referred to in §261.9, 261.16A, 261.20
Subsections 1 and 2 amended
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.35 - Definitions.

261.35 Definitions.
As used in this subchapter, unless the context otherwise requires:
1. “Commission” means the college student aid commission of the state of Iowa.
2. “Eligible borrower” means a person, or the parent of a person, who is enrolled or will be enrolled at an eligible institution. All eligible borrowers must meet the eligibility requirements established by the commission.
3. “Eligible institution” means any postsecondary educational institution which meets the requirements of the provisions of the Higher Education Act of 1965 for student participation in the federal interest subsidy program and the requirements prescribed by rule of the commission.
4. “Eligible lender” means a financial or credit institution, insurance company or other approved lender which meets the standards prescribed by the commission and has executed a lender participation agreement with the commission.
5. “Higher Education Act of 1965” means the federal Higher Education Act of 1965, as amended and codified in 20 U.S.C. §1071 et seq.
[C79, 81, §261.35; 81 Acts, ch 8, §12, ch 85, §1]
86 Acts, ch 1246, §25; 89 Acts, ch 300, §5; 90 Acts, ch 1253, §122; 2006 Acts, ch 1180, §20; 2017 Acts, ch 54, §76
Referred to in §261.62
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.36 - Powers.

261.36 Powers.
The commission shall have necessary powers to carry out its purposes and duties under this subchapter, including but not limited to the power to:
1. Sue and be sued in its own name.
2. Incur and discharge debts including the payment of any defaulted loan obligations which have been guaranteed by the commission.
3. Make and execute agreements, contracts, and other instruments with any public or private person or agency including the United States secretary of education.
4. Guarantee loans made by eligible lenders to eligible borrowers who are, or whose children are, enrolled or will be enrolled at eligible institutions as at least half-time students as defined by the commission.
5. Approve educational institutions as eligible institutions upon their meeting the requirements established by the commission.
6. Approve financial or credit institutions, insurance companies, or other lenders as eligible lenders upon their meeting the standards established by the commission for making guaranteed loans.
7. Accept appropriations, gifts, grants, loans, or other aid from public or private persons or agencies including the United States secretary of education.
8. Implement various means of encouraging maximum lender participation in the Iowa guaranteed loan program.
[C71, 73, 75, 77, §261.5, 261.6; C79, 81, §261.36; 81 Acts, ch 8, §13]
83 Acts, ch 101, §61; 89 Acts, ch 300, §26; 90 Acts, ch 1168, §36; 2017 Acts, ch 54, §76; 2019 Acts, ch 24, §31
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.38 - Agency operating account.

261.38 Agency operating account.
1. The commission shall establish an agency operating account as authorized by the federal Higher Education Act of 1965. The commission shall credit to the agency operating account all moneys provided for the state student loan program by the United States, the state of Iowa, or any of their agencies, departments, or instrumentalities, as well as any funds accruing to the program which are not required for current administrative expenses. The commission may expend moneys in the agency operating account as authorized by the federal Higher Education Act of 1965.
2. Notwithstanding section 8.33, funds on deposit in the agency operating account shall not revert to the state general fund at the close of any fiscal year.
3. The treasurer of state shall invest any funds in the agency operating account, and, notwithstanding section 12C.7, the interest income earned shall be credited back to the agency operating account.
4. a. The commission may enter into agreements with the Iowa student loan liquidity corporation in order to increase access for students to education loan programs that the commission determines meet the education needs of Iowa residents. The agreements shall permit the establishment, funding, and operation of alternative education loan programs, as described in section 144(b)(1)(B) of the Internal Revenue Code of 1986 as amended, as defined in section 422.3, in addition to programs permitted under the federal Higher Education Act of 1965. In accordance with those agreements, the Iowa student loan liquidity corporation may issue bonds, notes, or other obligations to the public and others for the purpose of funding the alternative education loan programs. This authority to issue bonds, notes, or other obligations shall be in addition to the authority established in the articles of incorporation and bylaws of the Iowa student loan liquidity corporation.
b. Bonds, notes, or other obligations issued by the Iowa student loan liquidity corporation are not an obligation of this state or any political subdivision of this state within the meaning of any constitutional or statutory debt limitations, but are special obligations of the Iowa student loan liquidity corporation, and the corporation shall not pledge the credit or taxing power of this state or any political subdivision of this state, or make its debts payable out of any of the moneys except those of the corporation.
[C71, 73, 75, 77, §261.5, 261.8; C79, 81, §261.38]
86 Acts, ch 1246, §26, 27; 89 Acts, ch 300, §7; 90 Acts, ch 1253, §122; 91 Acts, ch 180, §4, 5; 92 Acts, ch 1246, §31; 99 Acts, ch 205, §33 – 37; 2010 Acts, ch 1061, §180; 2014 Acts, ch 1061, §5, 6
Referred to in §261.37
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.42 - Short title.

261.42 Short title.
This subchapter shall be known and may be cited as the “Iowa Guaranteed Loan Program”.
[C79, 81, §261.42]
89 Acts, ch 300, §8; 90 Acts, ch 1168, §39; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.43A - Security interest in education loans.

261.43A Security interest in education loans.
A nonprofit organization qualifying for tax-exempt status under the Internal Revenue Code, as defined in section 422.3, that provides or acquires education loans in the organization’s normal course of business shall, notwithstanding any contrary provision of chapter 554 or other state law, establish and perfect a security interest and establish priority over other security interests in such education loans by filing in the same manner as provided for perfecting a security interest in a student loan pursuant to 20 U.S.C. §1082(m)(1)(E). This section applies to education loans provided under this chapter by such nonprofit organizations and other education loans provided by such nonprofit organizations.
2002 Acts, ch 1021, §1
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.62 - Iowa state fair scholarship.

261.62 Iowa state fair scholarship.
The Iowa state fair scholarship fund is established in the office of treasurer of state to be administered by the commission. The commission shall adopt rules pursuant to chapter 17A for the administration of this section. The rules shall provide, at a minimum, that only residents of Iowa who have actively participated in the Iowa state fair and graduated from an accredited secondary school in Iowa shall be eligible to receive an Iowa state fair scholarship for matriculation at an eligible institution as defined in section 261.35. Notwithstanding section 12C.7, interest earned on money in the Iowa state fair scholarship fund shall be deposited into the fund and may be used by the commission only for Iowa state fair scholarship awards.
98 Acts, ch 1215, §36, 63
C99, §261.24
2014 Acts, ch 1061, §16
C2015, §261.62
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.71 - Chiropractic graduate student forgivable loans.

261.71 Chiropractic graduate student forgivable loans.
1. A chiropractic graduate student forgivable loan program is established, to be administered by the college student aid commission for resident graduate students who are enrolled at Iowa chiropractic colleges and universities. A resident graduate student attending an Iowa chiropractic college or university is eligible for loan forgiveness under the program if the student meets all of the following conditions:
a. The student graduates from an Iowa chiropractic college or university that meets the requirements for approval under section 151.4.
b. The student has completed a chiropractic residency program.
c. The student agrees to practice in an underserved area in the state of Iowa for a period of time to be determined by the commission at the time the loan is awarded.
d. The student has received a loan from moneys appropriated to the college student aid commission for this program.
2. The contract for the loan repayment shall stipulate the time period the chiropractor shall practice in an underserved area in this state. In addition, the contract shall stipulate that the chiropractor repay any funds paid on the chiropractor’s loan by the commission if the chiropractor fails to practice in an underserved area in this state for the required period of time. Forgivable loans made to eligible students shall not become due, for repayment purposes, until one year after the student has graduated. A loan that has not been forgiven may be sold to a bank, savings association, credit union, or nonprofit agency eligible to participate in the guaranteed student loan program under the federal Higher Education Act of 1965, 20 U.S.C. §1071 et seq., by the commission when the loan becomes due for repayment.
3. For purposes of this section “graduate student” means a student who has completed at least ninety semester hours, or the trimester or quarter equivalent, of postsecondary course work at a public higher education institution or at an accredited private institution, as defined under section 261.9. “Underserved area” means a geographical area included on the Iowa governor’s health practitioner shortage area list, which is compiled by the center for rural health and primary care of the Iowa department of public health. The commission shall adopt rules, consistent with rules used for students enrolled in higher education institutions under the control of the state board of regents, for purposes of determining Iowa residency status of graduate students under this section. The commission shall also adopt rules which provide standards, guidelines, and procedures for the receipt, processing, and administration of student applications and loans under this section.
95 Acts, ch 218, §23; 96 Acts, ch 1158, §2, 3; 99 Acts, ch 205, §38, 39; 2012 Acts, ch 1017, §65
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.72 - Chiropractic loan revolving fund.

261.72 Chiropractic loan revolving fund.
A chiropractic loan revolving fund is created in the state treasury as a separate fund under the control of the commission. The commission shall deposit payments made by chiropractic loan recipients and the proceeds from the sale of chiropractic loans, less costs of collection of delinquent chiropractic loans, into the chiropractic loan revolving fund. Moneys credited to the fund shall be used to supplement moneys appropriated for the chiropractic graduate student forgivable loan program, for loan forgiveness to eligible chiropractic physicians, and to pay for loan or interest repayment defaults by eligible chiropractic physicians. Notwithstanding section 8.33, any balance in the fund on June 30 of any fiscal year shall not revert to the general fund of the state.
96 Acts, ch 1158, §4
Allocation to chiropractic loan forgiveness program;
2015 Acts, ch 140, §4, 23
;
2017 Acts, ch 172, §3, 48
;
2019 Acts, ch 135, §3
;
2020 Acts, ch 1121, §1
;
2021 Acts, ch 170, §3
; 2022 Acts, ch 1149, §3
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.73 - Chiropractic loan forgiveness program.

261.73 Chiropractic loan forgiveness program.
1. A chiropractic loan forgiveness program is established to be administered by the commission. A chiropractor is eligible for the program if the chiropractor is a resident of this state, is licensed to practice under chapter 151, and is engaged in the practice of chiropractic in this state.
2. Each applicant for loan forgiveness shall, in accordance with the rules of the commission, do the following:
a. Complete and file an application for chiropractic loan forgiveness. The individual shall be responsible for the prompt submission of any information required by the commission.
b. File a new application and submit information as required by the commission annually on the basis of which the applicant’s eligibility for the renewed loan forgiveness will be evaluated and determined.
c. Complete and return on a form approved by the commission an affidavit of practice verifying that the applicant meets the eligibility requirements of subsection 1.
3. The annual amount of chiropractic loan forgiveness shall not exceed the resident tuition rate established for institutions of higher learning governed by the state board of regents for the first year following the chiropractor’s graduation from a college of chiropractic approved by the board of chiropractic in accordance with section 151.4, or twenty percent of the chiropractor’s total federally guaranteed Stafford loan amount under the federal family education loan program or the federal direct loan program, including principal and interest, whichever amount is less. A chiropractor shall be eligible for the loan forgiveness program for not more than five consecutive years.
4. A chiropractic loan forgiveness repayment fund is created for deposit of moneys appropriated to or received by the commission for use under the program. Notwithstanding section 8.33, moneys deposited in the fund shall not revert to any fund of the state at the end of any fiscal year but shall remain in the chiropractic loan forgiveness repayment fund and be continuously available for loan forgiveness under the program. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys deposited in the fund shall be credited to the fund.
5. The commission shall adopt rules pursuant to chapter 17A to administer this section.
2008 Acts, ch 1181, §34
Referred to in §261.2
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.81 - Work-study program.

261.81 Work-study program.
The Iowa college work-study program is established to stimulate and promote the part-time employment of students attending Iowa postsecondary educational institutions, and the part-time or full-time summer employment of students registered for classes at Iowa postsecondary institutions during the succeeding school year, who are in need of employment earnings in order to pursue postsecondary education. The program shall be administered by the commission. The commission shall adopt rules under chapter 17A to carry out the program. The employment under the program shall be employment by the postsecondary education institution itself or work in a public agency or private nonprofit organization under a contract between the institution or the commission and the agency or organization. The work shall not result in the displacement of employed workers or impair or affect existing contracts for services. Moneys used by an institution for the work-study program shall supplement and not supplant jobs and existing financial aid programs provided for students through the institution.
85 Acts, ch 219, §1; 88 Acts, ch 1284, §31; 89 Acts, ch 300, §18; 89 Acts, ch 319, §50; 91 Acts, ch 180, §6; 95 Acts, ch 70, §2
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.83 - Eligibility and duties of institutions.

261.83 Eligibility and duties of institutions.
1. An eligible postsecondary education institution is an institution of higher education under the state board of regents, a community college, or an accredited private institution as defined in section 261.9, subsection 1. The commission may enter into an agreement with an eligible postsecondary education institution under which the commission will make grants to the institution for the work-study program.
2. The participating institution shall:
a. File the proper forms with the commission for participation in the program.
b. Develop jobs that meet the requirements of the Iowa college work-study program. To the extent possible, the job should complement the student’s educational program and career goal.
c. Supervise and evaluate employment and maintain the records required by the commission.
d. Participate in the federal work-study program.
85 Acts, ch 219, §3; 90 Acts, ch 1253, §121; 2010 Acts, ch 1061, §180
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.84 - Student eligibility.

261.84 Student eligibility.
In order to be eligible, a student must:
1. Be a citizen of the United States and a resident of this state.
2. Be enrolled and making satisfactory academic progress or accepted for enrollment at an eligible postsecondary institution on a half-time or greater basis.
3. Demonstrate financial need. A student’s need shall be determined on the basis of a need analysis system approved for use by the commission or under the federal work-study program.
4. Have not defaulted on an Iowa guaranteed loan payment or on a loan guaranteed by the federal government.
85 Acts, ch 219, §4; 89 Acts, ch 300, §19, 26
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.85 - Appropriation.

261.85 Appropriation.
1. There is appropriated from the general fund of the state to the commission for each fiscal year the sum of two million seven hundred fifty thousand dollars for the work-study program.
2. From moneys appropriated in this section, one million five hundred thousand dollars shall be allocated to institutions of higher education under the state board of regents and community colleges and the remaining dollars appropriated in this section shall be allocated by the commission on the basis of need as determined by the portion of the federal formula for distribution of work-study funds that relates to the current need of institutions.
87 Acts, ch 233, §463; 88 Acts, ch 1284, §32; 89 Acts, ch 319, §58; 90 Acts, ch 1272, §58; 91 Acts, ch 260, §909; 91 Acts, ch 267, §219; 92 Acts, ch 1246, §33; 93 Acts, ch 179, §22; 95 Acts, ch 218, §24; 2000 Acts, ch 1223, §29
State funding for certain fiscal years eliminated;
2015 Acts, ch 140, §5, 24
;
2017 Acts, ch 172, §4, 49
;
2019 Acts, ch 135, §4
;
2020 Acts, ch 1121, §1
;
2021 Acts, ch 170, §4
; 2022 Acts, ch 1149, §4
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.101 - Legislative intent.

261.101 Legislative intent.
The general assembly finds that the failure of many young Iowans to complete their education limits their opportunity for a life of fulfillment and hinders the state’s efforts to provide a well-trained workforce for business and industry in Iowa. The general assembly also declares that it is the policy of this state to apply positive measures to ensure that equal opportunities exist for minority persons to pursue their educational goals. Therefore, the “Iowa Minority Academic Grants for Economic Success” program is established to provide additional funding to the state board of regents institutions, community colleges, and accredited private institutions in order to encourage resident minority students to remain in Iowa, to attend community colleges, private colleges, and universities in Iowa, and to assure that a limited family income will not be a barrier for a minority person to pursue a postsecondary education.
89 Acts, ch 319, §53; 90 Acts, ch 1253, §14
Referred to in §262.9, 262.92
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.102 - Definitions.

261.102 Definitions.
1. “Accredited private institution” means an institution of higher education as defined in section 261.9, subsection 1.
2. “Commission” means the college student aid commission.
3. “Financial need” means the difference between the student’s financial resources, including resources available from the student’s parents and the student, as determined by a completed parents’ financial statement and including any noncampus-administered federal or state grants and scholarships, and the student’s estimated expenses while attending the institution. A student shall accept all available federal and state grants and scholarships before being considered eligible for grants under the Iowa minority academic grants for economic success program. Financial need shall be reconsidered on at least an annual basis.
4. “Full-time student” means an individual who is enrolled at an accredited private institution, community college, or board of regents’ university for at least twelve semester hours or the trimester or quarter equivalent.
5. “Minority person” means an individual who is African American, Hispanic, Asian, or a Pacific Islander, American Indian, or an Alaskan Native American.
6. “Part-time student” means an individual who is enrolled at an accredited private institution, community college, or board of regents’ university in a course of study including at least three semester hours or the trimester or quarter equivalent of three semester hours.
7. “Program” means the Iowa minority academic grants for economic success program established in this subchapter.
89 Acts, ch 319, §54; 90 Acts, ch 1253, §15, 122; 2009 Acts, ch 41, §103; 2017 Acts, ch 54, §76
Referred to in §262.82, 262.93
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.103 - Program qualifications.

261.103 Program qualifications.
1. A grant under the program may be awarded to any minority person who is a resident of Iowa, who is accepted for admission or is attending a board of regents’ university, community college, or an accredited private institution, and who demonstrates financial need. Applicants who receive vouchers under section 262.92 shall be given priority in receiving grants under the program, but an applicant shall not be denied a grant because the applicant does not hold vouchers under the program in section 262.92. For the fiscal year commencing July 1, 1990, and in subsequent years, grants shall be awarded to all minority persons, with priority to be given to those minority persons who are residents of Iowa.
2. Full-time students may receive grants for not more than eight semesters of undergraduate study or the trimester or quarter equivalent of eight semesters of undergraduate study. Part-time students may receive grants for not more than sixteen semesters of undergraduate study or the trimester or quarter equivalent of sixteen semesters of undergraduate study.
3. The amount of the grant shall not exceed a student’s yearly financial need or three thousand five hundred dollars, whichever is less. If the student is attending or seeking to enroll in an accredited private institution, fifty percent of the amount of the grant shall be provided by the accredited private institution and fifty percent shall be provided by the commission from state funds appropriated for that purpose.
4. Grants shall be awarded on an annual basis and shall be credited by the institution against the student’s tuition, fees, room, and board, at the beginning of each semester, trimester, or quarter in equal installments upon certification by the institution that the student is admitted and attending the institution.
5. If a student receiving a grant under the program discontinues attendance before the end of any academic period, but after receiving payment of grant moneys for the academic period, the entire amount of any refund due the student, up to the amount of any payments made by the state, shall be remitted by the private institution to the commission.
89 Acts, ch 319, §55; 89 Acts, ch 322, §8; 90 Acts, ch 1253, §16
Referred to in §262.93
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.104 - Powers of the commission.

261.104 Powers of the commission.
In administering the program for the community colleges and the private institutions, the commission shall:
1. Provide application forms to students enrolled and attending or seeking to enroll and attend community colleges or accredited private institutions.
2. Develop and provide confidential financial statement forms to the parents or guardians of students applying for grants under this program.
3. Approve and award grants to community colleges and accredited private institutions under the program.
4. Adopt rules for determining financial need and residency for the purpose of awarding grants to qualified students, and any other rules necessary for the administration of the program.
5. Report annually to the governor and the general assembly on the progress and implementation of the program.
6. Require postsecondary institutions that receive moneys from students awarded grants under the program to furnish any information necessary for the implementation or administration of the program.
7. Solicit and receive private contributions and federal grants available for purposes of the program.
8. Maintain records on the recipients of vouchers under section 262.92 and adopt rules to provide for the giving of priority to students holding vouchers under that section.
9. Administer funds appropriated for the Iowa minority academic grants for economic success program to carry out the duties of the commission.
10. Provide for the proration of funds among qualified applicants if funds available are insufficient to pay all approved grants.
89 Acts, ch 319, §56; 90 Acts, ch 1253, §17
Referred to in §262.93
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261 - COLLEGE STUDENT AID COMMISSION › Section 261.105 - Duties of applicant.

261.105 Duties of applicant.
An applicant for a grant under the program shall:
1. Complete and file an application for a grant on forms provided by the commission or regents institutions.
2. Submit the financial information required for evaluation of the applicant’s financial need for a grant.
3. Comply with rules and information requests of the commission or regents institutions made in relation to the program.
89 Acts, ch 319, §57
Referred to in §262.93
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.1 - Short title and citation.

261A.1 Short title and citation.
This chapter may be cited as the “Iowa Higher Education Loan Authority Act”.
[82 Acts, ch 1031, §1]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.2 - Declaration of purpose.

261A.2 Declaration of purpose.
It is declared that for the benefit of the people of the state of Iowa, the conduct and increase of their commerce, the protection and enhancement of their welfare, the development of continued prosperity and the improvement of their health and living conditions, it is essential that this and future generations of youth be given the fullest opportunity to learn and to develop their intellectual and mental capacities and skills; that to achieve these ends it is of the utmost importance that students attending institutions of higher education located in Iowa have reasonable financial alternatives to enhance their access to such institutions; that reasonable financial access to institutions of higher education will assist youth in achieving the optimum levels of learning and development of their intellectual and mental capacities and skills; that it is the purpose of this chapter to provide a measure of assistance and an alternative method to enable students and the families of students attending institutions of higher education located in Iowa to appropriately and prudently finance the cost or a portion of the cost of higher education; and that it is the intent of this chapter 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 set forth above.
[82 Acts, ch 1031, §2]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.3 - Legislative findings.

261A.3 Legislative findings.
The general assembly finds as follows:
1. The establishment of the authority is in all respects for the benefit of the people of the state of Iowa, for the improvement of their education, health and welfare, and for the promotion of the economy, which are public purposes.
2. The authority will be performing an essential governmental function in the exercise of the powers and duties conferred upon it by this chapter.
3. 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.
4. Escalating costs of securing such an education have contributed to the difficulties faced by students in attempting to finance an education.
5. Without public action as contemplated by this chapter, many students will be forced to postpone or abandon plans for obtaining additional education.
6. It is in the interests and welfare of the citizens of the state to provide a means for assisting students to continue their education.
7. Without public action as contemplated by this chapter, the inability to obtain educational financing will result in declining enrollments at institutions of higher education.
8. It is necessary to create a higher education loan authority to encourage the investment of private capital in the provision of funds for the financing of student loans.
9. All of the purposes stated in this section are public purposes and uses for which public moneys may be borrowed, expended, advanced, loaned, or granted.
[82 Acts, ch 1031, §3]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.5 - Creation as public instrumentality.

261A.5 Creation as public instrumentality.
The Iowa higher education loan authority is created as a body politic and corporate. The authority is a public instrumentality and the exercise by the authority of the powers conferred by this chapter is the performance of an essential public function. The authority is attached to the college student aid commission for administrative purposes.
[82 Acts, ch 1031, §5]
86 Acts, ch 1245, §1455; 90 Acts, ch 1253, §122
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.8 - Powers of authority.

261A.8 Powers of authority.
The authority may:
1. Sue and be sued in its own name, plead and be impleaded.
2. Employ consultants, attorneys, accountants, financial experts, loan processors, bankers, managers, and other employees and agents necessary in the authority’s judgment, and fix their compensation.
3. When refunding obligations are issued to refund obligations, the proceeds of which were used to make authority loans, reduce the amount it is owed by the institutions which had received authority loans from the proceeds of the refunded obligations. The institutions may use this reduced amount to reduce the amount of interest being paid on education loans which the institutions had made pursuant to the authority loans from the proceeds of the refunded obligations.
[82 Acts, ch 1031, §8]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.9 - Expenses of authority — limitation of liability.

261A.9 Expenses of authority — limitation of liability.
Expenses incurred in carrying out this chapter are payable solely from funds provided under this chapter and, except as specifically authorized under this chapter, a liability shall not be incurred by the authority beyond the extent to which moneys have been provided under this chapter.
[82 Acts, ch 1031, §9]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.10 - Acquisition of moneys, endowments, properties, and guarantees.

261A.10 Acquisition of moneys, endowments, properties, and guarantees.
The authority may establish guidelines relating to the deposits of moneys, endowments, or properties by institutions which would provide prudent security for education loan funding programs, authority loans, education loans, or for obligations and may establish guidelines relating to guarantees of or contracts to purchase education loans or obligations by the institutions or by financial institutions or others. A default reserve fund may be established for each series or issue of obligations. The authority may receive moneys, endowments, properties, and guarantees it deems appropriate and, if necessary, may take title in the name of the authority or in the name of a participating institution or a trustee.
[82 Acts, ch 1031, §10]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.11 - Conveyance of loan funding deposit after payment of principal and interest.

261A.11 Conveyance of loan funding deposit after payment of principal and interest.
When the principal of and interest on obligations of the authority issued to finance the cost of an education loan financing program or programs, including any refunding obligations issued to refund and refinance the obligations, have been fully paid and retired or when adequate provision has been made to fully pay and retire the obligations of the authority, and all other conditions of the bond resolution have been satisfied and the lien created by the bond resolution has been released in accordance with its provisions, the authority shall promptly perform functions and execute deeds and conveyances necessary and required to convey remaining moneys, properties, and other assets comprising loan funding deposits to the institutions which furnished the loan funding deposits in proportion to the amounts furnished by the respective institutions.
[82 Acts, ch 1031, §11]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.13 - Trust agreement to secure obligations.

261A.13 Trust agreement to secure obligations.
In the discretion of the authority, obligations may be secured by a trust agreement by and between the authority and a corporate trustee or trustees, which may be a trust company or bank located in the state of Iowa that has the powers of a trust company. The bond resolution shall pledge the revenues to be received by the authority, may contain provisions for protecting and enforcing the rights and remedies of the holders of obligations as reasonable and proper and not in violation of law, including provisions that have been authorized to be included in any bond resolution of the authority, and may restrict the individual right of action by holders of obligations. A trust agreement may contain other provisions the authority deems reasonable and proper for the security of the holders of obligations. Expenses incurred in carrying out the trust agreement may be treated as a part of the cost of the operation of an education loan program.
[82 Acts, ch 1031, §13]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.14 - Payment of obligations — nonliability of state.

261A.14 Payment of obligations — nonliability of state.
1. Obligations are obligations of the authority only, and not of the state of Iowa. Each obligation shall state upon its face that it represents and constitutes a debt of the authority, but not of the state of Iowa within the meaning of any constitutional or statutory limitation, and that it does not constitute a pledge of the full faith and credit of the authority or of the state of Iowa. The obligations shall not grant to the owners or holders of the obligations the right to have the authority or the state levy taxes or appropriate funds for the payment of the principal or interest on the obligations. The obligations are payable, and shall state that they are payable, solely from the revenues pledged for their payment in accordance with the bond resolution.
2. This chapter does not authorize the authority or any department, board, commission, or other agency to create an obligation of the state within the meaning of the Constitution or laws of the State of Iowa.
[82 Acts, ch 1031, §14]
2006 Acts, ch 1010, §80
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.15 - Pledge of revenues.

261A.15 Pledge of revenues.
1. The authority shall fix, revise, charge, and collect fees and may contract with a person to do so. Each agreement entered into by the authority with an institution shall provide that the fees and other amounts payable by the institution of higher education with respect to a program of the authority are sufficient at all times to meet all of the following:
a. To pay its share of the administrative costs and expenses of the program.
b. To pay the principal of, the premium, if any, and the interest on outstanding obligations of the authority, issued in respect of the program to the extent that other revenues of the authority pledged for the payment of the obligations are insufficient to pay the obligations as they become due and payable.
c. To create and maintain reserves which may but need not be required or provided for in the bond resolution relating to the obligations of the authority.
d. To establish and maintain whatever education loan servicing, control, or audit procedures are deemed by the authority to be necessary to the prudent operation of the authority.
2. The authority shall pledge the revenues from each program as security for the issue of obligations relating to the program. A pledge is valid and binding from the time when the pledge is made, the revenues pledged by the authority are immediately subject to the lien of the pledge without physical delivery of the pledge or further act, and the lien of the pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the authority or a participating institution, irrespective of whether the parties have notice of the lien. The bond resolution and a financing statement, continuation statement, or other instrument by which the authority’s interest in revenues is assigned need not be filed or recorded in public records in order to perfect the lien against third parties except that a copy of it shall be filed in the records of the authority and with the treasurer of state.
[82 Acts, ch 1031, §15]
2010 Acts, ch 1061, §180
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.16 - Funds for sales of obligations as trust funds — application of funds.

261A.16 Funds for sales of obligations as trust funds — application of funds.
Moneys received by or on behalf of the authority under this chapter, whether as proceeds from the sale of obligations or as revenues, are trust funds to be held and applied as provided in this chapter. An officer with whom, or a bank or trust company with which the moneys are deposited shall act as trustee of the moneys and shall hold and apply the moneys for the purposes of this chapter, subject to rules that this chapter and the bond resolution authorizing the obligations of an issue may provide.
[82 Acts, ch 1031, §16]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.17 - Rights of holders of obligations.

261A.17 Rights of holders of obligations.
A holder of obligations or a trustee under a trust agreement entered into pursuant to this chapter, except to the extent that their rights are restricted by a bond resolution, may, by any suitable form of legal proceedings, protect and enforce rights under the laws of this state or granted by the bond resolution, may enjoin unlawful activities, and if there is a default on the payment of the principal of, premiums, if any, and interest on an obligation or in the performance of a covenant or agreement on the part of the authority in the bond resolution, may apply to the district court to appoint a receiver to administer and operate the education loan program, the revenues of which are pledged to the payment of principal of, premium, if any, and interest on the obligations, with full power to pay, and to provide for payment of principal of, premium, if any, and interest on the obligations, and with powers, subject to the direction of the court, as permitted by law and accorded to receivers, excluding the power to pledge additional revenues of the authority to the payment of the principal, premium, and interest.
[82 Acts, ch 1031, §17]
Referred to in §261A.24