Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 2722 - ADMINISTRATIVE WAGE GARNISHMENT
Section 2722.15 - Definitions

Universal Citation: 23 IL Admin Code ยง 2722.15
Current through Register Vol. 48, No. 12, March 22, 2024

For purposes of this Section, the following terms have the meanings ascribed in this Section:

"Act" means the Higher Education Student Assistance Act [110 ILCS 947 ].

"AWG Order" - An administrative wage garnishment order issued by ISAC to a borrower's employer or employers to withhold the borrower's compensation and remit the withheld compensation to ISAC pursuant to Section 80(1-5) of the Act.

"Borrower" - Includes all original borrowers, cosigners, endorsers or co-makers on a loan or loans.

"Compensation" - Any salary, wages, commissions and bonuses due to the borrower.

"Date of First Delinquency" - The day following the borrower's first failure to make a scheduled monthly payment in accordance with the terms of the promissory note governing a loan or loans to which this Section applies.

"Default" - The status of a borrower's loans as a result of the borrower's failure to make a total of three cumulative, regularly-scheduled payments after the date of first delinquency.

"Loan" or "Loans" - All loans owned, serviced or held by ISAC unless otherwise excluded. This Part shall not apply to any loans owned, serviced or held as a result of ISAC's participation in programs administered by the U.S. Department of Education under Title IV of the Higher Education Act of 1965, as amended ( 20 USC 1070 ).

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