§ 21 — Powers of participating higher education institutions; interest rates

Section 21. Notwithstanding any other provision of law, any participating institution for higher education shall have the power to borrow money from the Authority, make education loans, enter into tuition agreements, participate in savings programs and take all other actions and do such things as are necessary or convenient to consummate the transactions contemplated under this chapter. It shall be lawful for the Authority to establish, charge, contract for and receive any amount or rate of interest or compensation with respect to authority loans or education loans and it shall also be lawful, notwithstanding any other provision of law, to make authority loans or education loans at a rate of interest which may, during the life of such loans, be varied or revised upon such terms or conditions as may be established by the Authority. It shall also be lawful for any institution of higher education to charge, contract for and receive any amount or rate of interest or compensation, including amounts or rates of interest which may be varied or revised upon such terms or conditions as may be established by the institution, with respect to education loans.