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