[§304-91] Student loan fund. There is hereby created a special fund, which shall be known as the state higher education loan fund. The fund shall be a revolving fund and all interest and payments received on account of principal shall be credited to the fund. The fund shall be administered by the board of regents of the University of Hawaii and shall be disbursed to needy students pursuant to rules and regulations adopted by the board of regents. [L 1969, c 230, pt of §1]