statement of purpose and appropriations authorized

statement of purpose and appropriations authorized Sec. 421. (a) The purpose of this part is to enable the Commissioner (1) to encourage. States and nonprofit private institutions and organizations to establish adequate loan insurance programs for students in eligible institutions (as defined in section 435), (2) to provide a Federal program of student loan insurance for students who do not have reasonable access to a State or private nonprofit program of student loan insurance covered by an agreement under section 428(b), and (3) to pay a portion of the interest on loans to qualified students which are made by a State under a direct loan program meeting the requirements of section 428(a) (1) (B), or which are insured under this part or under a program of a State or of a nonprofit private institution or organization which meets the requirements of section 428(a) (1) (C). (b) For the purpose of carrying out this part— (1) there are authorized to be appropriated to the student loan insurance fund (established by section 431) (A) the sum of $1,000,000, and (B) such further sums, if any, as may become necessary for the adequacy of the student loan insurance fund, (2) there are authorized to be appropriated, for payments under section 428 with respect to interest on student loans, such sums for the fiscal year ending June 30, 1966, and succeeding fiscal years, as may be required therefor, and (3) there is authorized to be appropriated the sum of $17,500,000 for making advances pursuant to section 422 for the reserve fluids of State and nonprofit private student loan insurance programs. Sums appropriated under clauses (1) and (2) of this subsection shall remain available until expended, and sums appropriated under clause (3) of this subsection shall remain available for advances under section 422 until the close of the fiscal year ending June 30, 1968.