(a) The education loan fund is established in the corporation. The education loan fund is a trust fund to be used to carry out the purposes of AS 14.42.100 - 14.42.990, AS 14.43.091 - 14.43.175, 14.43.600 - 14.43.700, 14.43.710 - 14.43.750, 14.43.990, and AS 14.44.025. The fund consists of money or assets appropriated or transferred to the corporation for the fund and money or assets deposited in it by the corporation. The corporation may establish separate accounts in the fund.
(b) Money and other assets of the education loan fund may be used to
(1) secure bonds of the corporation;
(2) pay the costs of administration of the fund;
(3) invest in education loans and investments under AS 37.10.071;
(4) finance programs approved under AS 14.43.091 - 14.43.175, 14.43.600 - 14.43.700, 14.43.710 - 14.43.750, or AS 14.44.040; and
(5) pay the costs of administering and collecting the loans and repayment obligations under the financial aid programs listed in (4) of this subsection.
(c) The financial aid programs listed in (b)(4) of this section shall be administered by the commission. The corporation and the commission may enter into agreements relating to the administration of the programs. The corporation may assign its rights under the agreements for the benefit and security of holders of its bonds.
(d) The corporation may provide for terms and conditions for use of the education loan fund that are more favorable than prevailing terms and conditions available to students from other education lenders.