There is established the Hawaii educator loan program revolving fund, for the purpose of providing loans pursuant to section 304A-701. Appropriations made by the legislature, private contributions, repayment of loans, including interest and payments received on account of principal, and moneys from other sources shall be deposited into the revolving fund and shall be expended by the university. An amount from the revolving fund not exceeding five per cent of the total amount of outstanding loans may be set by the university to be used for administrative expenses incurred in administering the revolving fund.