(1) The department may contract for the administration of the student financial assistance programs as specifically provided in ss. 295.01, 1009.29, and 1009.78. (2) The department may contract to provide the planning and development activities required pursuant to the provisions of this part.
(3) The department shall administer the guarantee of student loans made by participating commercial financial institutions in such a manner as to fully comply with applicable provisions of the Higher Education Act of 1965, as amended, relating to loan reinsurance.
(4) The department shall maintain records on the student loan default rate of each Florida postsecondary institution and report that information annually to both the institution and the State Board of Education. Information relating to state universities shall also be reported annually to the Board of Governors.
