(a) The Tennessee student assistance corporation, referred to in this part as “TSAC”, is given full power and authority to guarantee one hundred percent (100%) of any student loan, or one hundred percent (100%) of any loan made to a student's parent under the federal Higher Education Act of 1965 (20 U.S.C. § 1001 et seq.).
(b) Loans guaranteed by TSAC shall be evidenced by a note or contract that is valid and fully enforceable in a court of law or equity.
(c) A student receiving a loan guarantee provided by the corporation shall be without recourse to plead minority in any court of law or equity.
(d) The total reserve funds available for purposes of parts 2-7 of this chapter shall be maintained at least at the minimum level required by the federal Higher Education Act of 1965.
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