(1) Negotiate for and contract with private and governmental agencies for the establishment of financial aid programs.
(2) Receive gifts of any type, including gifts of stock and real property, for the purpose of establishing, continuing and increasing financial aid.
(3) Administer any form of financial aid submitted to and accepted for administration by the commission.
(4) Authorize payment from funds appropriated therefor, of costs, commissions, attorney fees and other reasonable expenses, including refund of overpayment of fees, that are related to and necessary for making and protecting guaranteed loans and recovering moneys and loans and management of property acquired in connection with such loans.
(5) Sue and be sued.
(6) Cooperatively coordinate all types of financial aid activities.
(7) Deny financial aid to any student owing a refund or in default on financial aid previously made available to that student. [Formerly 351.645; 1967 c.430 §5; 1973 c.721 §5; 1977 c.725 §9; 1981 c.209 §1; 1987 c.48 §1; 1995 c.179 §8; 1997 c.652 §35; 2003 c.360 §§1,2; 2007 c.426 §§2,3; 2011 c.637 §172; 2013 c.747 §115; 2015 c.513 §17]