Miss. Code Ann. § 37-101-31: Miss. Code Ann. § 37-101-31

In addition to the powers vested in the board of trustees of state institutions of higher learning by Section 213-A, Mississippi Constitution of 1890 and by this chapter, said board is hereby authorized to establish a reserve fund to receive funds from state, federal or private sources for the purpose of guaranteeing payment of loans obtained by college or university students from public or private lenders or banking institutions. The board is authorized and empowered to do and perform all the necessary and requisite acts and deeds necessary to carry out the provisions of this section.