(1) The board is the agency for the state of Utah that establishes and administers a program for the insurance of loans to student residents of this state to attend an eligible institution.
(2) The board is the successor to the rights and obligations of the Utah Coordinating Council of Higher Education in any valid contract entered into under the authority granted to the council by prior law.
(3) The board may use state, federal, and private funds to maintain the Student Loan Insurance Program.
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