§ 6-81-101 - Definitions. - Arkansas Statutes

6-81-101. Definitions.

As used in this subchapter:

(1) "Arkansas Student Loan Authority" or "the authority" means the Arkansas Student Loan Authority established for the purpose described in 6-81-102;

(2) "Board of Finance" means the State Board of Finance created by 19-3-101;

(3) "Guaranteed educational loan" means a loan made in accordance with Title IV, Part B, of the Higher Education Act of 1965 or pursuant to an alternative educational loan program undertaken by the authority and consistent with the provisions of this subchapter, to a qualified borrower for payment of educational expenses incurred by a student while attending a participating institution, the payment of principal of and interest on which is insured by the United States Secretary of Education under the Higher Education Act of 1965, by the Student Loan Guarantee Foundation of Arkansas, or by other guarantors as the authority may approve;

(4) "Obligation", or "bond", or "bonds" means any bond, note, certificate, or other evidence of indebtedness, whether or not the interest on the obligation shall be subject to federal income taxation;

(5) "Participating institution" means any post-high school educational institution, public or private, whose students are eligible for guaranteed educational loans; and

(6) "Qualified borrower" means a student, or the parent of a student, who:

(A) Qualifies for a guaranteed educational loan; and

(B) Is a resident of the State of Arkansas or has been accepted for enrollment at or is attending a participating institution within the State of Arkansas or is borrowing from a lender doing business within the State of Arkansas, including the authority.