(a) The sum of one million two hundred twenty-five thousand dollars ($1,225,000) is hereby specifically appropriated to the agency to be deposited in the Higher Education Assistance Fund, hereby created, which shall be held as a reserve to guarantee payment of possible losses for loans guaranteed under the provisions of this act.

(b) The sum of seventy-five thousand dollars ($75,000) is hereby appropriated to the agency for the payment of expenses in carrying out the provisions of this act. The sum of one hundred twenty thousand dollars ($120,000) is hereby appropriated to the agency for the payment of expenses in carrying out the provisions of this act for the fiscal year commencing July 1, 1965.