N.Y. Education Law § 680: Powers and duties

§ 680. Powers and duties. 1. In furtherance of the purposes set forth

in this article, the corporation, acting by and through its board, shall

have the following additional powers:

a. To lend money in compliance with applicable federal law and

regulation, and upon such terms as the board may prescribe (1) to

persons who are attending or plan to attend colleges or career education

institutions in this state or (2) to persons who are residents of this

state and who are attending or plan to attend colleges or career

education institutions outside the state or (3) to persons on behalf of

eligible dependents who are attending or plan to attend colleges or

career education institutions in the state or (4) to persons who are

residents of this state on behalf of eligible dependents who are

attending or plan to attend colleges or career education institutions

outside the state; and

b. To guarantee the loan of money in compliance with applicable

federal law and regulation, and upon such terms as the board may

prescribe by banks, savings banks, savings and loan associations,

pension funds, credit unions, colleges, career education institutions,

and insurance companies (1) to persons who are attending or plan to

attend colleges or career education institutions in this state or (2) to

persons who are residents of this state and who are attending or plan to

attend colleges or career education institutions outside the state or

(3) to persons on behalf of eligible dependents who are attending or

plan to attend colleges or career education institutions in the state or

(4) to persons who are residents of this state on behalf of eligible

dependents who are attending or plan to attend colleges or career

education institutions outside the state. Loans under this paragraph are

made under the authority of the federal student aid programs; and

c. To enter into cooperative agreements, subject to the approval of

the board of trustees and the director of the budget, with other

entities, including, but not limited to, other states, the federal

government, and post-secondary institutions, to establish, administer,

and operate federal student aid programs. Notwithstanding the provisions

of paragraphs a and b of this subdivision, the corporation is

authorized, pursuant to such cooperative agreements, to provide federal

student aid services to students and families who are not residents of

New York state.

2. The board shall adopt rules and regulations, consistent with

federal and state law, governing the programs administered by the

corporation pursuant to this part including, but not limited to the

application, granting, payment and repayments of loans made or

guaranteed by the corporation. Further, the board shall adopt rules and

regulations consistent with federal and state law governing the

participation of a college or career education institution in the

programs established by this part, including procedures for the

limitation, suspension or termination of such participation after notice

and opportunity for a hearing, due to the violation or failure to carry

out any rule or regulation prescribed by the board.

3. The president of the higher education services corporation shall

ensure that information regarding training, employment services and

employment opportunities, including opportunities for programs available

without cost through the job opportunities and basic skills program, is

provided to any person determined to be a recipient of public

assistance. The commissioner of social services shall ensure that such

information is made available to the higher education services

corporation.