§ 97-hhhh. The student lending education account. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance an account to be known as the student lending education account.

2. Such account shall consist of all revenues generated pursuant to section six hundred thirty of the education law and all other moneys credited or transferred thereto from any other fund or source pursuant to law.

3. Moneys of the account, following appropriation by the legislature shall be made available to the state education department for the purposes of: (a) supporting programs that educate students, potential students, and parents of such students on the educational loan process, including, but not limited to, available educational loan options, understanding rates and terms of student loans, managing costs and credit responsibilities, student loan repayment and loan consolidation; and (b) reimbursing students from inflated educational loan prices caused by revenue sharing agreements between such covered institution and a lending institution. Money shall be paid out of the account on the audit and warrant of the state comptroller on vouchers certified or approved by the state education department.