Compilation of Rules and Regulations of the State of Georgia › Department 268 - GEORGIA STUDENT FINANCE COMMISSION › Chapter 268-11 › Subject 268-11-2 - SCHOOL ELIGIBILITY STANDARDS FOR PARTICIPATION IN THE ASSURED ACCESS LENDING PROGRAM › Rule 268-11-2-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) "Act" or "Federal Act" means Title IV, Part B of the Higher Education Act of 1965, (P. L. 89-329) as amended, (20 U.S.C. 1071
et seq
).
(2) "Assured Access" or "Assured Access Lending Program" means, subject to available funding and in accordance with federal and state rules and regulations governing the programs, GSFA will make Stafford, PLUS, and SLS loans to any eligible student (or to the parent on behalf of the eligible student) for attendance at a postsecondary institution that is eligible to participate in the guaranteed student loan programs.
(3) "Authority" means the Georgia Student Finance Authority created by Georgia Code Section 20-3-313.
(4) "Borrower" means an eligible student or eligible parent who has obtained an educational loan.
(5) "Cohort Default Rate" means the percentage of current and former student borrowers who enter the repayment period in a given Federal Fiscal Year that default before the end of the following Federal Fiscal Year.
(6) "Corporation" means the Georgia Higher Education Assistance Corporation created by Georgia Code Section 20-3-263.
(7) "Loan" or "Educational Loan" means an obligation representing advances of money by a lender to an eligible student or eligible parent evidenced by one or more promissory note, on note forms prescribed by the corporation, as to which the payment of principle and interest is fully guaranteed by the corporation as evidenced by one or more loan guarantees issued by the corporation and reinsured by the secretary to the maximum extent permitted under the federal act, but in any event so reinsured for not less than 80 percent of principal and interest. In the event of the purchase and sale or the pledge or assignment of such loans or a participating interest in such loans, the term shall include contingent interests, security interests, pledges, commitments, and chooses in action, or other property interest in such loans.
(8) "Loan Guaranty" means the document or endorsement issued by GHEAC as evidence of the guaranty by GHEAC of an educational loan to be made by an eligible lender to an eligible student or eligible parent. The term "guaranty" shall have the same meaning as "insurance," as such term is used in the Act, and be synonymous therewith.
(9) "PLUS Loans" means educational loans authorized by the federal and state governments to help parents of dependent under-graduate or graduate students pay the costs of education beyond high school.
(10) "Secretary" means the United States secretary of education or any official succeeding to the powers of such secretary under the federal act.
(11) "SLS Loans" means supplemental loans for students authorized by the federal and state governments to help independent undergraduate, graduate and professional students pay the costs of education beyond high school.
(12) "Stafford Loans" means a low interest, educational loan, authorized by the federal and state governments to help dependent students who demonstrate financial need pay the costs of education beyond high school.
Ga. L. 1987 p. 589 (Ga. Code Ann. 20-3-316).