The board of educational finance [commission on higher education [higher education department]] may contract with one or more attorneys or law firms or with any other private business concern to assist the board [commission [department]] in collecting any defaulted loan made pursuant to the Student Loan Act N.M. Stat. Ann. § 21-21-1 to 21-21-13 or the Student Loan Guarantee Act N.M. Stat. Ann. § 21-21-14 to 21-21-24. No contract shall be entered into pursuant to this section unless proposals have been sought from two or more qualified firms.