A. The board may administer the state student incentive grant program for student financial aid as provided in Title IV of the Federal Higher Education Act, as amended, and to prescribe appropriate rules and regulations applicable thereto. The board may enter into contracts or agreements with the federal government for their financial participation in the program on such terms and conditions as may be agreed upon by the board.
B. The board may implement a program to train and further acquaint administrators of financial aid and assistance with the federal and state programs of student financial aid, pursuant to the Federal Higher Education Act as amended. The board shall design and develop this program in consultation with the statewide financial aid administrators association. The board may provide appropriate rules and regulations in order to execute this provision. The board may enter into contracts or agreements with the federal government for their financial participation in the program on such terms and conditions as may be agreed upon by the board.