The annual and aggregate loan limits for each eligible student borrower shall be in accordance with those limits established for the Stafford Loan Program authorized by Title IV of the Higher Education Act of 1965, as amended. The board of trustees has established an agency to carry out the functions of providing guarantees to student loans in accordance with the Stafford Loan Program. This agency, entitled the Mississippi Guarantee Student Loan Agency, guarantees payment of loans qualifying under federal law which are thereby eligible for reinsurance from the federal Department of Education. The board is authorized to operate the Mississippi Opportunity Loan Program as a guaranteed program.