The Washington Higher Education Facilities Authority (WHEFA) issues tax exempt, nonrecourse revenue bonds and then lends the proceeds to qualified, private, not for profit higher education institutions in the state, pursuant to a loan and security agreement. Higher education institutions may use the bond proceeds for construction, remodeling, equipment, refinancing of debt, or any other approved purpose. In 2007, WHEFA was given the authority to originate and acquire educational loans and to issue nonrecourse revenue bonds to be paid from such loans.