The agency may charge reasonable fees for guarantee and insurance to students obtaining or who have obtained loans under this chapter. The agency may charge up to eighteen percent of accumulated principal and interest if the loans are in default under section 15-62.1-06. The fees collected under this section must be available to defray costs of administering the guarantee loan program. Fees in excess of the amount required to pay the cost of administering the program must be deposited in the reserve fund. The authority of the agency to charge
reasonable fees under this section applies to all borrowers and cosigners for loans obtained under this chapter whenever the underlying note was executed and subject to the note providing for payments of fees and collections costs.
15-62.1-08. Contract with united student aid funds, incorporated, or similar nonprofit corporation. The agency is authorized to appoint the united student aid funds, incorporated, or similar nonprofit corporation, as agent of the state, to assist in performing the administrative functions of the state under and subject to the terms and provisions of this chapter and to perform such other duties as may be prescribed by the agency for the proper administration of the guarantee loan program. The agency shall pay fees to the united student aid funds, incorporated, or similar nonprofit corporation, as it may determine necessary for the administration of such program. In the event that the agency has entered into an agreement with united student aid funds, incorporated, or a similar nonprofit corporation and at a later date determines that it can administer the program more economically and efficiently than can such nonprofit corporation, it shall upon proper notice terminate the agreement with such nonprofit corporation.