Section 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.