The Board shall retain the right of determining eligibility of lenders and holders of education loans to which payments may be made under provisions of this program. An eligible lender or holder shall, in general, make or hold education loans made to individuals for purposes of attending postsecondary institutions and shall not be any private individual. An eligible lender or holder may be, but is not limited to, the Board, a bank, savings and loan association, credit union, institution of higher education, secondary student loan market, governmental agency, pension fund, private foundation, or insurance company provided the education loan conforms to the definition of an eligible education loan described in this subchapter. A lender or holder must be willing to abide by the provisions of the law and rules of this program to be considered eligible.