Student Loan Funds
Fund 50
The loan fund group consists of loans to students and resources available for such purposes. The terms of the loan agreements usually specify that the funds operate on a revolving basis, i.e., payments received of principal and interest become available to be loaned to other individuals. Some loan funds are created on a temporary basis and require that repayments and interest be returned to the grantors. The grantors may also designate that the obligations to repay all or part of the loan will be forgiven under certain circumstances. Some gift agreements may also designate the curriculum, geographical domicile or the financial status of the student borrower.
The Federal Perkins Loan program was discontinued in fiscal year 2018. ¶¶Òõ¶ÌÊÓƵ Boulder continues to collect all outstanding loan balances but will pay back the Department of Education instead of providing loans to new students.
Resources for the loan fund are:
- Donations from private sources restricted to loan funds
- Designated appropriations of governmental agencies (such as Perkins Loans)
- Income and gains from the investment of loan funds
- Interest charged on outstanding loans
- Payment of principal on outstanding loans
In addition, certain student loan funds are held in Fund 80 speedtypes if ¶¶Òõ¶ÌÊÓƵ Boulder does not have discretion over who receives the loans or what the terms are for students to receive the loans. This specifically applies to federal direct lending and some third party programs.