Administration of Program; powers of State Board

1. The Superintendent of Public Instruction may administer the Higher Education Student Loan Program and may consult with any public officer or private person in the State who may have an interest in higher education or in the Program. The Superintendent of Public Instruction shall notify the State Board at least 30 days in advance if the Superintendent intends to stop administering the Program. 2. After receiving notice from the Superintendent of Public Instruction that he or she intends to stop administering the Program, but before the Superintendent actually stops administering it, the State Board, with the concurrence of the Governor, shall designate another public agency or private nonprofit organization to administer the Program in a manner which ensures continued access to the Program by postsecondary schools in this State, including all of the institutions of the Nevada System of Higher Education. The designation may authorize assumption of any reserves or liability accruing to an agency or organization engaged in administering the Program or the guarantee of student loans. 3. If the Superintendent of Public Instruction administers the Program, the State Board may: (a) Negotiate and accept federal and other money appropriated and available to insure loans for student educational purposes under the Program. (b) Negotiate and enter into such agreements with other agencies as it deems proper for the administration and conduct of the Program. (c) Accept gifts, grants and contributions from any source that will facilitate and assist the higher education of Nevada residents.