(1) The student loan program may not be dissolved until all contractual obligations have been satisfied and all loans have been paid by the borrower or, if in default, by the board or have been otherwise accounted for under Title IV of the Higher Education Act of 1965, as amended.
(2) Upon dissolution of the program or the cessation of the program's activities, all property and money of the board relating to the student loan program not refundable to the federal government as provided by law vest in the state and must be credited to the general fund.