The guaranty of the corporation on an educational loan made under this part is conditioned upon exercise of due diligence by the lender and by any subsequent holder of the loan, as may be applicable, in the making of the loan, in the servicing of the loan account, and in the collection of the loan in accordance with the federal act and this part.
(Code 1933, § 32-3310, enacted by Ga. L. 1980, p. 835, § 2.)