20-26-1103. Duties of board. In discharging its duties in relation to the student loan program, the board shall:

(1) act as guarantor and administrator on loans of money, upon terms and conditions that the board may prescribe, to assist persons attending or accepted for enrollment at an eligible educational institution to meet their educational expenses;

(2) approve financial or credit institutions or other lenders as eligible lenders upon their meeting the standards established by the board for making student loans;

(3) incur and discharge debts, including defaulted loan obligations that have been guaranteed by the board;

(4) make and execute agreements, contracts, and other instruments with any public or private person or agency, including the United States secretary of education, for the administration of the student loan program;

(5) provide for the operation of the student loan program to conduct loan approval processing, essential and special loan servicing, preclaims assistance, supplemental preclaims assistance, claim processing and collections, and other services that would promote lender and school participation and loan availability to students;

(6) perform any other duties necessary for the administration of the student loan program and other student financial aid-related activities for the benefit of students as determined by the board.