Section 35315 Of Article 12. Scholarship And Loan Funds From California Education Code >> Division 3. >> Title 2. >> Part 21. >> Chapter 2. >> Article 12.

. All money in the fund shall be available for making interest-free loans for educational advancement, for scholarship, or for grants-in-aid to eligible persons. An eligible person for such loans shall be any of the following:
  (a) A bona fide organization of a school under the jurisdiction of the governing board of the school district.
  (b) An enrollee at a school under the jurisdiction of the governing board of the school district.
  (c) A graduate of a school under the jurisdiction of the governing board of the school district.