Section R. 390.1407 - Definitions; P to TRule 7. As used in these rules:
(a) "Participating school" means an eligible institution which has executed an agreement with the secretary to participate in the educational loan programs.(b) "Promissory note" means the legal document which is signed by a borrower agreeing to the terms and conditions of the educational loan.(c) "Repayment period" means the period of the loan when a borrower is required to make scheduled payments.(d) "Secretary" means the secretary of the United States department of education or an official or employee of the education department to whom the secretary has delegated authority.(e) "Suspension" means the removal of a school's or lender's eligibility for a specified period of time or until the school or lender fulfills certain requirements.(f) "Termination" means the removal of a school's or lender's eligibility for an indefinite period of time or until reinstatement after termination occurs in accordance with the provisions of R 390.1490.Mich. Admin. Code R. 390.1407
1979 AC; 1984 AACS; 1990 AACS