(a) To the extent authorized by federal law and regulation governing the guaranteed student loan program and the auxiliary loans to assist students program, TSAC may choose to make educational loans directly to borrowers using any or all assets of the Tennessee educational loan program, including specifically any sums received from the Tennessee state school bond authority under chapter 3, part 12 of this title.
(b) TSAC may sell loans made by it to the student loan marketing association or to any other organization authorized to purchase and hold loans insured by TSAC, and may likewise require institutions to sell all or a portion of their educational loans to one (1) or more of the same organizations.
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