Each authority shall fix, revise, charge, and collect fees, and it is empowered to contract with any person in respect thereof. Each agreement entered into by the authority with an institution shall provide that the fees and other amounts payable by the institution of higher education with respect to any program of the authority shall be sufficient at all times to:
(1) Pay the institution’s share of the administrative costs and expenses of such program;
(2) Pay the principal of, the premium, if any, on, and the interest on outstanding obligations of the authority which have been issued in respect of such program to the extent that other revenues of the authority pledged for the payment of the obligations are insufficient to pay the obligations as they become due and payable;
(3) Create and maintain reserves which may, but need not, be required or provided for in the bond resolution relating to such obligations of the authority; and
(4) Establish and maintain whatever education loan servicing, control, or audit procedures are deemed necessary to the prudent operations of the authority.
The authority shall pledge the revenues from each program as security for the issue of obligations relating to such program. Such pledge shall be valid and binding from the time the pledge is made; the revenues so pledged by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding against all parties having claims of any kind in tort, in contract, or otherwise against the authority or any participating institution, irrespective of whether such parties have notice thereof.