The state educational trust fund is hereby established in the state treasury. The primary purpose of the trust is to pledge statewide available college student assistance to needy or disadvantaged students, especially middle and high school youth, considered at-risk of dropping out of secondary education who participate in board-approved early awareness and outreach programs and who enter any accredited Washington institution of postsecondary education within two years of high school graduation.

     The board shall deposit refunds and recoveries of student financial aid funds expended in prior fiscal periods in such account. The board may also deposit moneys that have been contributed from other state, federal, or private sources.

     Expenditures from the fund shall be for financial aid to needy or disadvantaged students. The board may annually expend such sums from the fund as may be necessary to fulfill the purposes of this section, including not more than three percent for the costs to administer aid programs supported by the fund. All earnings of investments of balances in the state educational trust fund shall be credited to the trust fund. Expenditures from the fund shall not be subject to appropriation but are subject to allotment procedures under chapter 43.88 RCW.

[1997 c 269 § 1; 1996 c 107 § 1; 1991 sp.s. c 13 § 12; 1985 c 57 § 10; 1981 c 55 § 1. Formerly RCW 28B.10.821.]

NOTES:

     Effective dates -- Severability -- 1991 sp.s. c 13: See notes following RCW 18.08.240.

     Effective date -- 1985 c 57: See note following RCW 18.04.105.