Section R. 390.1404 - Definitions; F, GRule 4. As used in these rules:
(a) "Federal interest benefits" means the payment of interest by the secretary on behalf of an eligible borrower as defined in the act.(b) "Forbearance" means reducing, extending, or delaying payments if scheduled payments will place an undue burden on a borrower which, without relief, will result in default.(c) "Guarantee" means to insure lenders against loss due to default by a borrower if the lender meets the conditions and requirements of the act and the secretary specified in the provisions of 34 C.F.R. SS682.205 to 682.213 and 682.411 to 682.414, in administering the loan. These provisions are adopted by reference in R 390.1491.Mich. Admin. Code R. 390.1404
1979 AC; 1984 AACS; 1990 AACS