Ch. 703.

LAWS OF MARYLAND

standing at colleges or vocational schools in this State or
elsewhere, to help them meet their educational expenses;

(2)  Guarantee the loan of money under this subtitle
on the terms and conditions the Board determines to residents of
this State who have been accepted for enrollment or who are
students in good standing at colleges or vocational schools in
this State or elsewhere, to help them meet their educational
expenses;

(3)  Obtain a group life insurance policy to insure
the repayment of loans made or guaranteed by the Corporation if a
borrower dies;

(4)  Pay a service fee of $40 to any lending
institution for the processing, approval, and granting a loan or
conversion to a "pay-out" program for an existing loan on behalf
of any student who receives a loan under this subtitle;

(5) Acquire by gift, grant, appropriation or
purchase, and own, either absolutely or in trust, any interest in
or income from property and money for any purpose of the
Corporation from any source, and on any terms;

(6)  Make contracts with:

            (i) Colleges and vocational schools, on any
terms agreed on between the Corporation and the college or
vocational school, to provide for the administration by the
college or school of any loan or guarantee made by the
Corporation, including applications for them and repayment of
them; and                                                             

(ii) The federal government or any private
agency approved by the Board, for the purpose of receiving funds
or services;

(7)  Sue and be sued;

(8)  Adopt rules and regulations governing:

(i) The application for and the granting,
administration, and repayment of the loans or guarantees it
makes;

(ii) The eligibility of students, colleges,
vocational schools, and lending institutions to participate in
the program; and

activities;

(iii) Any other matter that relates to its

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