Proposed Revision to 505.1 - Guaranteed Student Loan Service Organization
1. The Commissioner of Higher Education is authorized to initiate negotiations with United Student Aid Funds, Inc., a nonprofit organization which will provide services for the Montana Guaranteed Student Loan program. Upon completion of the negotiations a contract will be submitted to the Board of Regents for their approval.
2. a. The Board of Regents approves the contract appointing United Student Aid Funds, Inc., as agent of the Board to provide services for the Montana Guaranteed Student Loan program and authorizes the Commissioner of Higher Education to sign the contract on behalf of the Board.
b. The Commissioner is authorized to amend Paragraph 2 of the agreement from time to time when necessary to increase the aggregate amount of loans outstanding at any one time which USAF is authorized to guarantee. The Commissioner shall notify the Board of Regents whenever the agreement is so amended.
Item 26-018-R0380, Guaranteed Student Loan Service Organization, March 10, 1980. Item 27-002-R0480, Authorization for the Commissioner of Higher Education to Execute a Contract with United Student Aid Funds, Inc., for the operation of the Montana Guaranteed Student Loan program, April 1980 as revised December 8, 1980.