The commission shall be responsible for:

1. A. developing program guidelines;
2. B. advertising the program;
3. C. processing applications and presenting a list of eligible candidates to the WICHE commissioners;

4. D. administering loans, including:

   (1) disbursing funds;

   (2) keeping records on borrowers and processing of contracts;

   (3) administering and keeping record on loan repayments;

   (4) maintaining records of location and time of service of those student loan recipients who have completed their education and are providing service in New Mexico;

5. E. verifying qualifications for forgiveness for service;

6. F. preparing the following information for the program:

   (1) number of loans granted;

   (2) names and addresses of borrowers;

   (3) names of accredited programs attended; and

   (4) names and locations of practice of those who have completed their education and have become licensed/certified service providers in New Mexico.

   [9/30/97; Recompiled 10/31/01]