C.R.S. § 23-3-101 Short title
23-3-101. Short title. The short title of this article 3 is the "Higher and Career and Technical Education Loan Guarantee Act of 1968".
Higher and Career and Technical Education Loan Guarantee Act
C.R.S. tit. 23, art. 3
in effectC.R.S. § 23-3-102 Legislative declaration
23-3-102. Legislative declaration. The general assembly finds and declares that the provision of a higher or career and technical education for all residents of this state who desire such an education and are properly qualified therefor is important to the welfare and security of this state and nation and, consequently, serves an important public purpose and that many qualified students are deterred by financial considerations from completing their education, with a consequent irreparable loss to the state and nation of talents vital to welfare and security. The number of qualified persons who desire higher or career and technical education is increasing rapidly, and the physical facilities, faculties, and staffs of the institutions of higher education operated by the state will have to be expanded greatly to accommodate such persons, with an attendant sharp increase in the cost of educating such persons. A system of financial assistance through guaranteed loans for qualified residents of college age will enable them to attend qualified institutions of their choice.
C.R.S. § 23-3-103 Definitions
23-3-103. Definitions. As used in this article, unless the context otherwise requires:
(1) "College" means any public or nonprofit institution of higher education which is recognized and approved by the regional accrediting agency for the state where such educational institution is situated or which is approved by the United States commissioner of education and which provides a course of study leading to the granting of a postsecondary degree or diploma.
(2) "Vocational school" means any eligible business or trade school, technical institution, or other vocational institution as determined by the state board for community colleges and occupational education or as approved by the United States commissioner of education.
C.R.S. § 23-3-104 Designation of commission
23-3-104. Designation of commission. The Colorado commission on higher education, referred to in this article as the "commission", shall be the state agency to administer and supervise the administration of funds under Title IV of Public Law 89-329, known as the "Higher Education Act of 1965", and amendments thereto, and Public Law 89-287, known as the "National Vocational Student Loan Insurance Act of 1965", and amendments thereto.
C.R.S. § 23-3-105 Duties, powers, and limitations of commission with respect to the guarantee loan program
23-3-105. Duties, powers, and limitations of commission with respect to the guarantee loan program. (1) The commission has the following powers in furtherance of the guarantee loan program:
(a) To arrange for the guarantee by nongovernmental organizations of loans of money by private lenders to persons who are residents of this state and who have been accepted for enrollment or who are in good standing at colleges or vocational schools in this state or elsewhere in order to assist them in meeting the expenses of their education. Any agreement entered into by the commission to effect such arrangement shall require that any such nongovernmental organization hold the funds received from the commission in a reserve fund to be expended only upon the certification to it by such a private lender that any such loan is in default and only upon the assignment to such organization of the promissory note in default. Such funds then may be applied to reimburse said lender the principal amount of the loan and accrued interest thereon remaining unpaid. Such agreement shall contain provisions for termination upon thirty days' written notice of either contracting party. Upon the effective date of such termination, such organization shall refund to the state such portion of the reserve fund as may exceed the total amount of loans guaranteed by the organization pursuant to such agreement and remaining unpaid. As additional repayments of loans are reported to it by a private lender, the organization shall refund such portion of the reserve fund then remaining as from time to time exceeds the total loans remaining unpaid.
(b) To enter into contracts with the United States government, or any department, agency, or office thereof, or any nongovernmental organization for the purpose of receiving funds or services therefrom or providing for the administration of the program thereby or in connection with any acts necessary or incidental to the performance of its powers or duties under this article;
(c) To adopt rules and regulations governing the guarantee loan program;
(d) To secure commitments from private lenders to make loans to students under the program;
(e) To participate in any federal government program for guaranteed loans or subsidies to students and to receive, hold, and disburse funds made available by any agency of the United States for the purpose for which they are made available;
(f) To perform such other acts as may be necessary or appropriate in connection with the guarantee loan program;
(g) To provide that there shall be no fee or other charge made to the applicant for loans for processing and periodic review of the qualifications for such loans.
(2) The commission shall be under the following limitations:
(a) It shall not itself lend any moneys under the program.
(b) It shall not become responsible for or guarantee any debt, contract, or liability of any other person, company, or corporation under the program.
(c) It shall not expend funds under the program greater than the amounts appropriated to it by the general assembly and available to it as a result of contributions.
C.R.S. § 23-3-106 Contributions to commission
23-3-106. Contributions to commission. (1) The commission is empowered to accept and receive from any individual, association, or corporation or any governmental unit gifts, grants, donations, or contributions of money or property.
(2) Such contributions or the proceeds thereof shall be used by the commission in furtherance of postsecondary education.
C.R.S. § 23-3-107 Age qualification for loan guarantee
23-3-107. Age qualification for loan guarantee. Any person otherwise qualifying for a loan shall not be disqualified to receive a loan under the guarantee loan program by reason of his being under the age of twenty-one years. For the purpose of applying for, receiving, and repaying a loan, any person shall be deemed to have full legal capacity to act and shall have all the rights, powers, privileges, and obligations of a person of legal age with respect thereto.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://leg.colorado.gov/sites/default/files/images/olls/crs2024-title-23.docxFetched: 10/6/2026