The board of trustees shall serve as the direct lender of the non-subsidized student loans authorized under this chapter and in such capacity shall:
Accept and review each loan application;
Determine the applicant's eligibility and continued eligibility;
Collect any balance which may become due as a result of default on any loan, for which purpose the board of trustees shall have all the same authority as they have for the guaranteed student loan program; and
Provide by rule for:
A mechanism for informing students of the availability of the loans;
The creation of all applications, forms, promissory notes and other instruments necessary for the administration of the program; and
Any other items necessary for the administration of the program.