(1) Receive state funds appropriated for the purpose of guaranteeing student loans, to receive any federal funds that may be made available to the corporation for student assistance purposes, and guarantee loans made to worthy and needy students or their parents who are bona fide residents of this state. Loans may be guaranteed for nonresidents of this state if they are enrolled in an eligible educational institution located in this state or parents of dependent nonresidents enrolled in an eligible educational institution located in this state. Loans may also be guaranteed under the Higher Education Act of 1965 (20 U.S.C. §  1001 et seq.), for students who are nonresidents of this state or their parents if they are made through an approved Tennessee lender;

(2) Administer the provisions under law of state awards of financial assistance to needy students who are residents of the state under the terms and conditions prescribed in this part;

(3)

(A) Receive any gifts, contributions and donations from groups or individuals or from corporations or foundations or from Tennessee student assistance corporation program-generated revenues and administer those funds in accordance with rules and regulations promulgated by the corporation;

(B) The Tennessee student assistance corporation shall have authority to establish endowments for the purpose of funding scholarships and name scholarships or programs funded pursuant to gifts, contributions, or donations received pursuant to subdivision (3)(A) for distinguished United States citizens;

(C) All funds received pursuant to subdivision (3)(A) shall be invested as directed by the state treasurer in investments, including, but not limited to, the state pooled investment fund established by § 9-4-603 and the intermediate-term investment fund established by § 9-4-608 for the benefit of the programs established pursuant to subdivision (3)(A).

(4) Administer the loan and loan scholarship programs established under parts 2-7 of this chapter;

(5)

(A) Administer the Tennessee academic scholars program in accordance with guidelines recommended by the Tennessee higher education commission and approved by the Tennessee student assistance corporation;

(B) All funds appropriated for the Tennessee academic scholars program shall be placed in an endowment fund, the income from which shall be used to provide scholarships for superior students in accordance with program guidelines established pursuant to subdivision (5)(A). The corpus of the endowment shall not be expended. Public and private institutions will participate and will match program funds on a dollar-for-dollar basis. Matching funds may be, but are not required to be, placed into the endowment;

(C) The Tennessee academic scholars program endowment shall be invested as directed by the state treasurer in investments, including, but not limited to, the state pooled investment fund established by § 9-4-603 and the intermediate-term investment fund established by § 9-4-608; and

(6) Carry out the other purposes of parts 2-7 of this chapter.