Section 7. The Authority is authorized and empowered to establish specific guidelines relating to the deposits of certain monies, endowments, or properties by institutions for higher education which would provide security for education loans funding programs, Authority loans, education loans or for bonds and to establish guidelines relating to guarantees of or contracts to purchase education loans, tuition agreements or bonds by such institutions or by financial institutions or others. A default reserve fund may be established for each series or issue of bonds. In this regard, the Authority is empowered to receive such monies, endowments, properties, and guarantees as it deems appropriate and, if necessary, to take title in the name of the Authority or in the name of a participating institution for higher education or a trustee.