Compilation of Rules and Regulations of the State of Georgia
Department 268 - GEORGIA STUDENT FINANCE COMMISSION
Chapter 268-10
Subject 268-10-1 - ESTABLISHING SCHOOL ELIGIBILITY
Rule 268-10-1-.02 - Definitions

Universal Citation: GA Rules and Regs r 268-10-1-.02

Current through Rules and Regulations filed through March 20, 2024

For the purpose of these rules and regulations, the term:

(a) "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.

(b) Eligible Institution" means any educational institution located within or outside the state which:

1. Is approved by GHEAC pursuant to this part for purposes of the program; and

2. Has in force and effect with GHEAC, if required by the Corporation, a school agreement as prescribed by GHEAC.

(c) "Federal Act" means all provisions of the federal Higher Education Act of 1965 (P.L. 89-329), as amended, relative to state programs of low interest, guaranteed educational loans to students and parents, including rules and regulations prescribed by the secretary pursuant thereto.

(d) "Guaranty Agency" means the Georgia Higher Education Assistance Corporation (GHEAC).

(e) "Institutional Questionnaire" means a list of questions and data requirements developed by GHEAC for the purpose of obtaining information from an institution that is pertinent to evaluating the institution's administrative capabilities.

(f) "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 notes, on note form prescribed by GHEAC, as to which the payment of principal and interest is fully guaranteed by GHEAC as evidenced by one or more loan guarantees issued by GHEAC 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, chooses in action, or other property interest in such loans.

(g) "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 a lender to an eligible student of eligible parent. The term guaranty shall have the same meaning as "insurance," as such term is used in the federal act, and be synonymous therewith.

(h) "Parent" or "Eligible Parent" means a parent of an eligible student who qualifies for an educational loan under the federal act and regulations prescribed by GHEAC.

(i) "Program" means the Georgia Higher Education Loan Program as provided for in the federal act.

(j) "Secretary" means the United States secretary of education or any other official succeeding to the powers of such secretary under the federal act.

(k) "Student" or "Eligible Student" means a student who:

1. Qualifies for an educational loan; and

2. Is a resident of the state or, if not a resident of the state, is enrolled in or accepted for enrollment in a school located within the state.

Ga. L. 1987 p. 556 (Ga. Code Ann. 20-3-261).

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