§ 1679-c. The New York higher education loan program. 1. For purposes
of this section, the following words and terms shall have the following
meaning unless the context shall indicate another or different meaning
or intent:

(a) "Corporation" shall mean the New York state higher education
services corporation.

(b) "Education loan" shall mean a loan made under the New York higher
education loan program established pursuant to part v of article
fourteen of the education law.

2. In addition to the powers of the authority pursuant to the other
sections of this title, the authority shall have power:

(a) To enter into one or more agreements with the corporation, which
agreement may provide for the securing of education loans in accordance
with part V of article fourteen of the education law, and to perform or
contract for the performance of its obligations under any such
agreement;

(b) To make and contract to make and to acquire and contract to
acquire education loans and to enter into advance commitments for the
purchase of said education loans;

(c) Subject to any agreement with bondholders or noteholders, to
invest moneys of the authority not required for immediate use, including
proceeds from the sale of any bonds or notes, in education loans;

(d) To service and execute contracts for the servicing of education
loans acquired by the authority pursuant to this title, and to pay the
reasonable value of services rendered to the authority pursuant to those
contracts;

(e) To prescribe standards and criteria for education loans purchases,
insofar as such standards and criteria are not inconsistent with the
applicable agreement with the corporation;

(f) Subject to any agreement with bondholders or noteholders, to sell
any education loans made or acquired by the authority at public or
private sale and at such price or prices and on such terms as the
authority shall determine; and

(g) To establish, revise from time to time, charge and collect such
premiums or fees in connection with education loans and its
participation in the New York higher education loan program as the
authority shall determine.

3. The authority shall have the power and is hereby authorized from
time to time to issue bonds and notes, including without limitation for
the purposes of financing and refinancing education loans and of
refunding any bonds or notes issued for such purpose pursuant to part V
of article fourteen of the education law.