1. The board shall adopt regulations establishing standards for determining eligibility of loan agreements to be guaranteed under the provisions of sections 173.095 to 173.180 . The regulations shall provide for, but shall not be limited to, the following: (1) The requirement or nonrequirement of security or endorsement; (2) The manner and time of repayment of the principal and interest; (3) The maximum rate of interest; (4) The right of the borrower to accelerate payments without penalty; (5) The amount of the guarantee charge; (6) The effective period of the guarantee; (7) The percent of the loan covered by the guarantee; (8) The assignability of loans by the lender; (9) Procedures in the event of default by the borrower; (10) The due diligence effort on the part of lenders for collection of guaranteed loans; (11) Collection assistance and supplemental preclaims assistance to be provided to lenders; and (12) The extension of the guarantee in consideration of eligible deferments or forbearances. 2. The eligibility of any person for a student loan under the provisions of sections 173.095 to 173.180 shall not be determined or otherwise affected by any considerations of that person's race, religion, sex, creed, color, location of residence, or choice of eligible institution.
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