Section 37-145-11 - Board of trustees to serve as direct lender of non-subsidized student loans; general dutiesThe board of trustees shall serve as the direct lender of the non-subsidized student loans authorized under this chapter and in such capacity shall:
(a) Accept and review each loan application;(b) Determine the applicant's eligibility and continued eligibility;(c) Collect any balance which may become due as a result of default on any loan, for which purpose the board of trustees shall have all the same authority as they have for the guaranteed student loan program; and(d) Provide by rule for: (i) A mechanism for informing students of the availability of the loans;(ii) The creation of all applications, forms, promissory notes and other instruments necessary for the administration of the program; and(iii) Any other items necessary for the administration of the program.Laws, 1992, ch. 475, § 6, eff. 5/6/1992.