ยง 691. Powers and duties. In furtherance of the purposes set forth in
this part, the corporation shall have the following additional powers
and duties:
1. To market, originate, disburse, service, collect, administer,
guarantee, secure, finance, and purchase education loans not in default
status made under this program or contract for these services.
2. To purchase defaulted education loans made under this program.
3. To establish and maintain one or more default reserve funds and
accounts within such funds, in accordance with the terms of this
program.
4. To develop and administer or contract to administer one or more
financial literacy programs.
5. To provide or contract to provide default aversion services.
6. To establish criteria for eligible colleges, lenders, and other
entities such as, but not limited to, servicers, and to enter into
participation agreements with any such eligible colleges, lenders, and
other entities and any entity authorized to finance the purchase or
making of education loans through the issuance of bonds pursuant to the
public authorities law, and any subsequent purchaser of education loans
made under this program.
7. To establish criteria for all lender underwriting, education loan
purchases, servicing and default insurance payments.
8. To establish criteria for the distribution of education loans made
under this program.
9. To audit lenders, servicers, holders, and eligible colleges for
program compliance.
10. To adopt rules and regulations to implement this program.