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            The board may authorize the granting of guaranteed student loans made pursuant to the provisions of this Chapter out of reserve funds available to the board for such purpose, and may sell or discount, or both, such loans to banks, credit unions, and other authorized lending institutions, at such consideration and upon such terms as may be agreed upon by the board.

            Acts 1978, No. 135, §2; Acts 1980, No. 815, §4; Acts 2016, No. 314, §3(A).