§ 16-62-3 - Definitions. - Rhode Island Statutes

SECTION 16-62-3

   § 16-62-3  Definitions. – As used in this chapter, the following words and terms shall have the followingmeanings unless the context shall indicate another or different meaning orintent:

   (1) "Authority" means the governmental agency and publicinstrumentality authorized, created, and established pursuant to § 16-62-4.

   (2) "Bonds" and "notes" means the bonds, notes, securities,or other obligations or evidences of indebtedness issued by the authoritypursuant to this chapter, all of which shall be issued under the name of orknown as obligations of the Rhode Island student loan authority.

   (3) "Education loan" means a loan to a student or the parent,legal guardian, or sponsor of the student, or to an eligible institution, forthe purpose of financing a student's attendance at the eligible institution.The loan may provide that the student, parent, legal guardian, or sponsor ofthe student or eligible institution may be held jointly and severally liablefor the education loan.

   (4) "Eligible institution" means, subject to furtherparticular or more restrictive definition by regulation of the authority: (i)an institution of higher learning, (ii) a vocational school, or (iii) withrespect to students who are nationals of the United States, an institutionoutside the United States which is comparable to an institution of highereducation or to a vocational school and which has been approved by theauthority and by the secretary for purposes of the guaranteed student loanprogram. (5) "Eligible loan" means a loan to a student or to the parent of astudent insured or guaranteed by the secretary, Rhode Island higher educationassistance authority, or by any other governmental or private agency,corporation, or organization having a reinsurance or guaranty agreement withthe secretary applicable to that loan.

   (6) "Guaranteed student loan program" means the program offederal student loan insurance and reinsurance administered by the secretary.

   (7) "Lender" means, subject to further particular or morerestrictive definition by regulation of the authority, any governmental orprivate agency, corporation, organization, or institution (includingeducational institutions and the authority itself) designated as an "eligiblelender" by federal statute, regulation, or administrative ruling for thepurposes of the guaranteed student loan program.

   (8) "Secretary" means the United States secretary ofeducation or the secretary of health and human services.

   (9) "State" means the state of Rhode Island and ProvidencePlantations.

   (10) "Student" means an individual who under rulespromulgated by the authority meets the enrollment and satisfactory progressrequirement necessary for making an eligible student loan or an education loan,as applicable. This designation shall include dependent and independentundergraduate students, and graduate and professional students.