Title 16, Title 16 Title 16

This chapter being necessary for the welfare of the state and its inhabitants shall be liberally construed to effectuate its purposes.

If any clause, sentence, paragraph, section, or part of this chapter shall be adjudged by any court of competent jurisdiction to be invalid, the judgment shall not affect, impair, or invalidate the remainder of this chapter but shall be confined in its operation to the clause, se…

The purpose of this chapter is to authorize a system of financial assistance, consisting of loan guaranties, savings programs, and other aids, for qualified students, parents, and others responsible for paying the costs of education to enable them to obtain an education beyond th…

As used in this chapter, the following words and terms have the following meanings unless the context indicates another or different meaning or intent: (1) “Authority” means the commissioner of postsecondary education. (2) “Commissioner of postsecondary education” means the commi…

(a) The office of the commissioner of postsecondary education is hereby granted and authorized to use all of the powers set forth in this chapter for the purposes of guaranteeing eligible loans to students in eligible institutions and to parents of those students and administerin…

(a) Effective July 1, 2025, the division of higher education assistance shall be dissolved. Upon said dissolution and date, all functions, powers, duties, and authority of the division of higher education assistance shall transfer to the office of postsecondary commissioner. (b) …

There is hereby established a restricted receipt account in the general fund and housed in the office of postsecondary commissioner to be known as the “tuition savings program fund”. The purpose of the fund is to receive and disburse scholarship funds pursuant to the provisions o…

(a) The general treasurer, in conjunction with the state investment commission, executive director of the Rhode Island student loan authority, and the commissioner of postsecondary education, shall establish, in any form as the general treasurer deems appropriate, a tuition savin…

(a) The participant retains ownership of all assets properly allocated to an account maintained for the participant in the tuition savings program up to the date of withdrawal or distribution of these from the program. (b) All assets of the tuition savings program shall be consid…

(a) For state income tax purposes, annual earnings of the tuition savings program and the prepaid tuition program shall be exempt from tax to the program, and shall not be includible in the Rhode Island income of either beneficiaries or participants in the program until withdrawn…

(a) The treasurer shall submit to the governor, the speaker of the house of representatives, the president of the senate, and the secretary of state an annual, audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the…

This chapter shall be liberally construed in order to effectuate the purposes and intent of this chapter. It is intended that the tuition savings program established pursuant to this chapter qualify as a “qualified state tuition program” pursuant to § 529 of the Internal Revenue …

The council on postsecondary education established pursuant to § 16-59-1 shall retain all authority formerly vested in the higher education assistance authority board of directors, except as provided by § 16-57-6.1. Whenever in any general or public law reference is made to the “…

The office of the postsecondary commissioner is designated the state agency to apply for, receive, accept, and disburse federal funds, and funds from other public and private sources, made available to the state for use as reserves to guarantee student loans or as administrative …

(a) Any person qualifying for an eligible loan shall not be disqualified to receive a loan guaranteed by the office of the postsecondary commissioner by reason of the person being a minor. For the purpose of applying for, securing, receiving, and repaying a loan, any person shall…