ยง 680. Powers and duties. 1. In furtherance of the purposes set forth
in this article, the corporation, acting by and through its board, shall
have the following additional powers:
a. To lend money in compliance with applicable federal law and
regulation, and upon such terms as the board may prescribe (1) to
persons who are attending or plan to attend colleges or career education
institutions in this state or (2) to persons who are residents of this
state and who are attending or plan to attend colleges or career
education institutions outside the state or (3) to persons on behalf of
eligible dependents who are attending or plan to attend colleges or
career education institutions in the state or (4) to persons who are
residents of this state on behalf of eligible dependents who are
attending or plan to attend colleges or career education institutions
outside the state; and
b. To guarantee the loan of money in compliance with applicable
federal law and regulation, and upon such terms as the board may
prescribe by banks, savings banks, savings and loan associations,
pension funds, credit unions, colleges, career education institutions,
and insurance companies (1) to persons who are attending or plan to
attend colleges or career education institutions in this state or (2) to
persons who are residents of this state and who are attending or plan to
attend colleges or career education institutions outside the state or
(3) to persons on behalf of eligible dependents who are attending or
plan to attend colleges or career education institutions in the state or
(4) to persons who are residents of this state on behalf of eligible
dependents who are attending or plan to attend colleges or career
education institutions outside the state. Loans under this paragraph are
made under the authority of the federal student aid programs; and
c. To enter into cooperative agreements, subject to the approval of
the board of trustees and the director of the budget, with other
entities, including, but not limited to, other states, the federal
government, and post-secondary institutions, to establish, administer,
and operate federal student aid programs. Notwithstanding the provisions
of paragraphs a and b of this subdivision, the corporation is
authorized, pursuant to such cooperative agreements, to provide federal
student aid services to students and families who are not residents of
New York state.
2. The board shall adopt rules and regulations, consistent with
federal and state law, governing the programs administered by the
corporation pursuant to this part including, but not limited to the
application, granting, payment and repayments of loans made or
guaranteed by the corporation. Further, the board shall adopt rules and
regulations consistent with federal and state law governing the
participation of a college or career education institution in the
programs established by this part, including procedures for the
limitation, suspension or termination of such participation after notice
and opportunity for a hearing, due to the violation or failure to carry
out any rule or regulation prescribed by the board.
3. The president of the higher education services corporation shall
ensure that information regarding training, employment services and
employment opportunities, including opportunities for programs available
without cost through the job opportunities and basic skills program, is
provided to any person determined to be a recipient of public
assistance. The commissioner of social services shall ensure that such
information is made available to the higher education services
corporation.