EXECUTIVE
ORDER EO 79-01
GUARANTEED STUDENT LOANS
WHEREAS, the providing of financial
aid to individuals to assist them in pursuing their college or university
education brings tangible benefits to the state through the development of the
talents of those individuals; and
WHEREAS, the expansion of loan
availability in Washington is needed to augment presently existing grant, loan
and work study programs by serving middle income populations in both public and
private higher education who are unable to qualify for such other forms of
assistance; and
WHEREAS, a student loan, unlike most
other aid programs, requires a self-help commitment of the student to assist in
financing his or her education through repayment of the loan; and
WHEREAS, Congress, through the 1976
amendments to the federal Higher Education Act of 1965 has asked the State of
Washington to replace the federal government's program of loan insurance for
students, either through a state financed and administered program or through a
program run by a private corporation designated by the state; and
WHEREAS, a private guarantor of
student loans is able to finance itself without reliance on state financial
support and thereby avoid violating
the state's constitutional prohibition against lending the state's credit.
THERFORE
BE IT RESOLVED THAT, I, Dixy Lee Ray, Governor of the State of Washington, in accordance
with provisions of the federal Higher Education Act of 1965, do hereby
designate the Washington Student Loan Guarantee Association to act as a
guarantor of student loans made by lending institutions within the State of
Washington pursuant to that act as amended and subject to approval by the
United States government for receipt of federal financial benefits.
BE
IT FURTHER RESOLVED, that no action of the Washington Student Loan Guarantee Association
shall be deemed a pledge of the credit of the state.
IN WITNESS
WHEREOF, I
have hereunto
set my hand and caused the seal of the State
of Washington to be affixed at Olympia
this 6th day of February A.D., Nineteen hundred and
seventy-nine.
DIXY LEE RAY
Governor of Washington
BY THE
GOVERNOR:
_________________________________
Assistant Secretary of State
Back to Executive Orders Archive