94-457-615 Me. Code R. § I

Current through 2024-51, December 18, 2024

Section 457-615-I - Definitions

A. Certain terms used in this rule, which are defined in the Finance Authority of Maine Act, 10 M.R.S.A. §961 and following and in 20-A M.R.S.A. Chapter 417-F shall have the meanings set forth therein, unless clearly specified otherwise or unless the context clearly indicates otherwise.

B. Defined Terms

1. "Bonds" includes bonds, notes, commercial paper, pass-through instruments or any other evidences of indebtedness.

2. "Borrower" means

a. a person who is a attending an institution of higher education eligible to participate in programs under Title IV of the Higher Education Act located in Maine;

b. a Maine resident, attending such an institution of higher education located outside of Maine;

c. the parent of an individual identified in a or b above; or

d. with respect to a consolidation loan only, an individual who received an eligible loan that is to be consolidated while a borrower described in a, b, or c above.

3. "Borrower benefits" include fee, principal or interest rate reductions or any other enhancement that lowers the cost of borrowing for the loan recipient of an eligible loan financed under the program.

4. "Chief executive officer" means the chief executive officer of the Authority or a person acting under the supervisory control of the chief executive officer

5. "Eligible lender" means the Authority and the Federal Government and any financial institution, credit union or institution of higher education that is an eligible lender under the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat. 1219, Title IV, as amended, or under the federal Health Professions Educational Assistance Act of 1976, Public Law 94-484, 90 Stat. 2243, as amended, as applicable or, in each case, any successor provision, that is approved by the Authority for participation in the program.

6. "Eligible loan or "loan" means a loan originated under the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat. 1219, Title IV, as amended, or under the federal Health Professions Educational Assistance Act of 1976, Public Law 94-484, 90 Stat. 2243, as amended, in each case along with any successor provision, by an eligible lender to a borrower, or under any student loan program administered by the Authority.

7. "Finance" means the origination, acquisition or refinancing of eligible loans including through loans to eligible lenders.

8. "Maine resident" means a resident of the State as provided in the Higher Education Act or the regulations promulgated thereunder.

9. "Program" means the Higher Education Loan Purchase Program.

94-457 C.M.R. ch. 615, § I