§18-27-3 Definitions. - West Virginia Statutes

§18-27-3. Definitions.
The following words used in this article shall, unless the context clearly indicates a different meaning, be construed as follows:

(a) "Board" means the West Virginia board of regents.

(b) "Bonds" means revenue bonds, notes or other evidences of indebtedness of the board issued under this article.

(c) "Bond resolution" means the resolution or resolutions of the board and the trust agreement, if any, authorizing the issuance of and providing for the terms and conditions applicable to bonds.

(d) "Borrower" means a student who has received an education loan or any parent who has received or agreed to pay an education loan.

(e) "Default insurance" means insurance insuring education loans, authority loans or bonds against default.

(f) "Default reserve fund" means a fund established pursuant to a bond ordinance for the purpose of securing education loans, authority loans or bonds.

(g) Cost of attendance is the amount defined by the institution for the purpose of the guaranteed student loan program as defined under Title IV, Part B, of the "Higher Education Act of 1965" as now or hereafter amended.

(h) "Education loan" means a loan which is made by an institution of higher education to a student or parents of a student, or both, in amounts not in excess of the maximum amounts specified in this section, to finance the student's attendance at the institution. The maximum loan amount may not exceed:

(1) In the case of a borrower who is a student, the student's cost of attendance for the period of time for which the loan is made minus the following amounts applicable to such period of time:

(i) The amount of grant which the student receives or could receive under the federal Pell Grant program authorized under Title IV, Part A, of the "Higher Education Act of 1965," as now or hereafter amended, whether or not the student has made application for such grant;

(ii) The maximum net guaranteed student loan proceeds which the student receives or could receive pursuant to Title IV, Part B, of the "Higher Education Act of 1965," as now or hereafter amended, whether or not the student has made application for such loan;

(iii) The amount of scholarships, grants or other nonrepayable assistance received from government agencies, educational institutions or private institutions or organizations;

(2) (A) In the case of a borrower who is a parent of an eligible student, the student's cost of attendance minus:

(i) The amounts determined pursuant to subparagraphs (i), (ii) and (iii) of paragraph (1) of this subdivision; and

(ii) The amount of loan which the student receives pursuant to paragraph (1) of this subdivision.

(B) The combined maximum loan amount of both parents may not exceed the maximum amount as determined under paragraph (2) of this subdivision:

(i) "Loan funding deposit" means moneys, guarantees or other property deposited by an institution of higher education with the board or a trustee for the purpose of (1) providing security for bonds, (2) funding a default reserve fund, (3) acquiring default insurance or (4) defraying costs of the board, such moneys or properties to be in such amounts as deemed necessary by the board as a condition for such institution's participation in the board's programs.

(j) "Institution" means a not for profit educational institution which is not owned or controlled by the state or any political subdivision, agency, instrumentality, district or municipality thereof, which is authorized by law to provide a program of education beyond the high school level and which:

(1) Admits as regular students only individuals having acertificate of graduation from a high school or the recognized equivalent of such certificate;

(2) Provides an educational program for which it awards a bachelor's degree or provides an educational program, admission into which is conditioned upon the prior attainment of a bachelor's degree or its equivalent, for which it awards a postgraduate degree, or provides not less than a two-year program which is acceptable for full credit toward an associate degree, or offers not less than a two-year program in engineering, mathematics or the physical or biological sciences which is designed to prepare the student to work as a technician and at a semiprofessional level in engineering, scientific or other technological fields which require the understanding and application of basic engineering, scientific or mathematical principles or knowledge;

(3) Is accredited by a nationally recognized accrediting agency or association such as the north central association of colleges and high schools;

(4) Does not discriminate in the admission of students on the basis of race, color or creed;

(5) Has a governing board which possesses its own sovereignty; and

(6) Has a governing board, or its delegated institutional officials, which possess final authority in all matters of local control, including educational policy, choice of personnel, determination of program and financial management.

(k) "Parent" means any parent or guardian of a student at an institution of higher education.