New York Consolidated Laws, Education Law - EDN § 680. Powers and duties

a. To lend money in compliance with applicable federal law and regulation, and upon such terms as the board may prescribe (1) to persons who are attending or plan to attend colleges or career education institutions in this state or (2) to persons who are residents of this state and who are attending or plan to attend colleges or career education institutions outside the state or (3) to persons on behalf of eligible dependents who are attending or plan to attend colleges or career education institutions in the state or (4) to persons who are residents of this state on behalf of eligible dependents who are attending or plan to attend colleges or career education institutions outside the state;  and

b. To guarantee the loan of money in compliance with applicable federal law and regulation, and upon such terms as the board may prescribe by banks, savings banks, savings and loan associations, pension funds, credit unions, colleges, career education institutions, and insurance companies (1) to persons who are attending or plan to attend colleges or career education institutions in this state or (2) to persons who are residents of this state and who are attending or plan to attend colleges or career education institutions outside the state or (3) to persons on behalf of eligible dependents who are attending or plan to attend colleges or career education institutions in the state or (4) to persons who are residents of this state on behalf of eligible dependents who are attending or plan to attend colleges or career education institutions outside the state.  Loans under this paragraph are made under the authority of the federal student aid programs;  and

c. To enter into cooperative agreements, subject to the approval of the board of trustees and the director of the budget, with other entities, including, but not limited to, other states, the federal government, and post-secondary institutions, to establish, administer, and operate federal student aid programs.  Notwithstanding the provisions of paragraphs a and b of this subdivision, the corporation is authorized, pursuant to such cooperative agreements, to provide federal student aid services to students and families who are not residents of New York state.