A majority of the four-year institutions of higher education may form, pursuant to the provisions of the Nonprofit Corporation Act [N.M. Stat. Ann. Chapter 53, Article 8], a nonprofit foundation, separate and apart from the state. The purpose of the foundation is to improve the educational opportunities of residents of New Mexico by providing financial assistance to qualified persons, including a program of making, financing, purchasing, holding and selling educational loans, and by servicing educational loan, scholarship, grant, work study and other educational assistance programs.