(a) From sums received by or appropriated to TSAC for educational loans, including, but not limited to, sums received from the Tennessee state school bond authority under chapter 3, part 12 of this title, TSAC shall make repayable advances to postsecondary educational institutions in this state that have been declared eligible to participate as lenders in the guaranteed student loan program or the auxiliary loans to assist students program by and under regulations promulgated by the United States department of education and TSAC.
(b) In connection with any sums so received from the Tennessee state school bond authority, TSAC is authorized and empowered to make any agreements with such authority as a board is authorized and empowered to make by § 49-3-1206, and shall have the powers in connection with such agreements that a board has under § 49-3-1206.
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