Indiana Code Title 21. Higher Education § 21-16-4-9

Sec. 9. The commission may take, hold, and administer, on behalf of the loan program and for purposes of this chapter, property, money, and the interest and income derived from them either absolutely or in trust.  The commission may accept gifts, grants, bequests, devises, and loans for the purposes of this chapter.  An obligation of the loan program for losses on student loans resulting from death, default, bankruptcy, or total or permanent disability of borrowers is not a debt of the state, but is payable solely from the fund.