(a) The Board has the power to adopt rules, regulations, policies, and procedures not inconsistent with law, governing the application for and the origination, servicing, and repayment of loans, the awarding of grants to students, and the Corporation's other activities and programs.

(b) [Repealed.]  (Added 1965, No. 198, § 4(h), (j); amended 1967, No. 131, § 4; 2003, No. 86 (Adj. Sess.), § 9; 2013, No. 56, § 15, eff. May 30, 2013.)