(a) The Higher Education Student Financial Aid Advisory Board is established.
(b) The purpose of the board is to provide financial aid expertise and policy guidance to the commission, the council and the Vice Chancellor for Administration on all matters related to federal, state and private student financial aid resources and programs.
(c) It is the intent of the Legislature that the advisory board:
(1) Recommend methods to balance the needs of state students from all levels of financial need and academic ability;