(a) State colleges and universities operating under the state board of regents and the University of Tennessee operating under the board of trustees of the University of Tennessee are authorized to use funds resulting from state appropriations or student fees for the purpose of participating in college loan funds under the National Defense Education Act of 1958 (P.L. 85-864, 72 Stat. 1597), and other loan programs; provided, that the state university and community college system and the University of Tennessee are empowered to take any and all action deemed necessary to collect all loans extended to students or former students by the institutions.
(b) The proper administrative official of any state or private college or university within this state, if authorized by its particular controlling board having jurisdiction over the state or private college or university, may accept the note or contract of a college student applying for a student loan or aid under the National Defense Education Act student loan program, or other bona fide, established student loan program of the state or private college or university. The note or contract shall be valid and fully enforceable in a court of law or equity, and the college student in such circumstances shall be without recourse to plead minority in any court of law or equity.
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