KSC, TITLE 7. AGENCIES & GOV'T FINANCED ENTERPRISES
Chapter 10. The Scholarship Board
Section 7.1001. The
The Scholarship Board
consists of seven members who serve terms of two years.
Section 7.1002. Powers and duties.
The Board has the power
and duty to:
(1) select a recipient of funds appropriated for grants and loans for post-secondary education; and
(2) adopt written uniform standards for award of funds.
Section 7.1003. Scholarship Loans.
Standards adopted by the
Board for the award of scholarship loans ensure that:
(1) recipients are domiciliaries of the State attending or accepted to attend an institution of learning outside the State;
(2) the recipient or another person makes adequate assurance for the repayment of the loan by the giving of security or other means;
(3) interest on the loans does not exceed six percent (6%) per annum;
(4) loans are made on an equitable basis; [and]
(5) the Board reports in writing to the Governor and the Speaker no later than the first day of June and December of each year regarding an accounting statement that includes:
(a) all sources and amounts of funding or income;
(b) all scholarships awarded;
(c) all office related expenses and expenditures; and
(d) a list of all current and past scholarship recipients, the scholarship amount awarded, school they attend or have attended and past due balances.
The Board reports to the Director for the Department of Administration and Finance upon the issuance of any scholarship loan, providing copies of all documents related thereto. The Director for the Department of Administration and Finance is responsible for receiving repayment of loans. The Scholarship Board Administrator is responsible for, with the advice of the Office of the Attorney General, enforcing the repayment of all scholarship loans made. Monies received by the Government as repayment of scholarship loans or upon default of a scholarship loan remain available to the Board to loan to qualified recipients.
Added by State Law 4-144. Amended by State Law
7-1, State Law 7-64 and State Law 7-71.
Section 7.1004. Administrator; appointment and removal.
The Board shall hire a
full-time Administrator who shall be responsible to the Board to execute its
programs. The Board appoints the Administrator and fixes his compensation.
The Board may remove the Administrator for good cause upon a majority
Added by State Law 7-64.
Section 7.1005. Duties and responsibilities of the
The Administrator has the
following duties and responsibilities:
(1) To coordinate the awarding of grants and loans for post-secondary education;
(2) To advise the Board on applicants' eligibility for post-secondary grants and loans;
(3) To communicate with colleges and universities on behalf of students;
(4) To maintain Scholarship Board records, including financial and academic records of grant and loan recipients;
(5) To maintain accounting records of all grants and loans awarded, all payments made and all amounts outstanding;
(6) To ensure and pursue collection of loans when due, with the advice of the Office of the Attorney General; and
(7) To fulfill such other administrative duties and responsibilities as may be delegated by the Scholarship Board.