Section 63. A credit union may make loans to aid and assist students to fulfill a program of higher education as provided herein.

Any student who has not attained the age of eighteen and has been admitted to an institution of higher learning or attends such an institution shall have full legal capacity to act in his own behalf in the matter of contracts and other transactions with respect to financing his education under any federal, state or private financing plan, and with respect to such acts done by any such student, he shall have the rights, powers and privileges and be subject to the obligations of persons of full age.

A credit union may make loans to aid and assist students to fulfill a program of higher education if such loans are guaranteed in whole or in part by the Massachusetts Higher Education Assistance Corporation as follows:

1. A student shall be eligible for a loan in a credit union if a member of his family is a member of the credit union.

2. The provisions of section fifty-nine shall not be applicable to loans made under this section.

Subject to such regulations as the commissioner may deem necessary, a credit union may make and acquire such loans and advances of credit to qualified students as are insured by the federal commissioner of education under Part B of Title IV of the Higher Education Act of 1965 (Public Law 89–329), and may obtain and receive such insurance, commitments for such loans, lines of credit and certificates of individual or comprehensive insurance coverage for such loans, as are provided by said act and may pay the premiums for such insurance fixed by the federal commissioner of education pursuant to said act and may receive payments of interest and principal on such loans pursuant to said act and regulations made thereunder.