§ 655. Powers and duties of the president. In administering the\nprovisions of this article, the president shall have the following\npowers and duties:\n 1. To administer the student financial aid programs specified in this\narticle.\n 2. To receive from the commissioner the list of academic performance\naward recipients in order of merit and to notify such recipients of\ntheir status as part of their application for other general awards or\nloans.\n 3. To lend money and guarantee loans upon such terms and conditions\nas the board may prescribe in accordance with the provisions of this\narticle.\n 4. To propose rules and regulations, subject to approval by the board\nof trustees, governing the following:\n a. Application for and the granting and administration of student aid\nand loan programs, the repayment of loans or the guarantee of loans made\nby the corporation; and administrative functions in support of state and\nfederal student aid programs.\n b. Other matters relating to the activities of the corporation,\nincluding but not limited to the limitation, suspension or termination\nof approval of aid, loan, or loan guarantee applications for students\nattending or planning to attend colleges or vocational institutions\nwhenever the board of regents has determined that such a college or\nvocational institution no longer meets minimum certification\nrequirements or the board of trustees has determined, after notice and\naffording an opportunity for hearing, that such college or vocational\ninstitution has violated or failed to carry out any regulation\nprescribed under this article or adopted by the board of trustees\npursuant to the powers granted in this article.\n c. Procedures to be followed for submission of information by\ncolleges or vocational institutions as may be necessary to provide for\nany administrative function by such institutions participating in any\nfederal or state student aid programs, including applications therefor\nand repayment thereof, except that obligations of colleges shall be\nlimited to the following requirements:\n (i) those required by the federal student aid programs;\n (ii) periodic reports on the status of student borrowers at the\nparticular college;\n (iii) interviews or other appropriate communications with student\nborrowers at the time an application for a loan is certified or as soon\nthereafter as feasible emphasizing the importance of the loan\nobligation;\n (iv) interviews or other appropriate communications with student\nborrowers who are graduating or are known to be terminating their\nenrollment emphasizing the importance of the loan obligation;\n (v) providing the corporation, upon request, with the last known\naddresses of borrowers who have graduated or otherwise left the college\nand who are in default, including any change of address known to the\ncollege after such request;\n (vi) certification of student loans as frequently as is advisable and\nfeasible, and as lenders will process them (on an annual, semester,\nquarterly or other academic period basis), with such certification\nlimited to those educational expenses approved under the federal student\naid programs;\n (vii) cooperation in whatever way is feasible and appropriate under\ninstitutional regulations in advising defaulting borrowers of their loan\nobligations.\n 5. To establish, revise from time to time, charge and collect fees as\nthe corporation shall determine, consistent with the applicable\nprovisions of the New York state and federal student aid programs.\n 6. To prepare and make available explanatory pamphlets concerning\nstate aid and loan programs.\n 7. To establish a comprehensive collection of information and\nmaterials relative to public and private sources of higher education\nfinancial assistance available to students and to the characteristics of\nthe students who are the recipients of such assistance.\n 8. To conduct financial aid program reviews of a post-secon
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