The funds in the state scholarship revolving fund, along with the available interest on such moneys and subsequent payments of interest and principal received from students, must be transferred by the Bank of North Dakota to a special fund in the Bank to serve as a reserve fund for a state guarantee loan program. The Bank shall continue to collect all outstanding loans and provide such other services as may be necessary to collect such loans and may cease collection efforts on loans determined uncollectible by action of the industrial commission.