Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 615 - HIGHER EDUCATION LOAN PURCHASE PROGRAM
Section 457-615-I - Definitions
Universal Citation: 94 ME Code Rules ยง 457-615-I
Current through 2024-13, March 27, 2024
A. Certain terms used in this rule, which are defined in the Finance Authority of Maine Act, 10 M.R.S.A. §961 and following and in 20-A M.R.S.A. Chapter 417-F shall have the meanings set forth therein, unless clearly specified otherwise or unless the context clearly indicates otherwise.
B. Defined Terms
1. "Bonds" includes bonds, notes, commercial
paper, pass-through instruments or any other evidences of
indebtedness.
2. "Borrower" means
a. a person who is a attending an institution
of higher education eligible to participate in programs under Title IV of the
Higher Education Act located in Maine;
b. a Maine resident, attending such an
institution of higher education located outside of Maine;
c. the parent of an individual identified in
a or b above; or
d. with respect to
a consolidation loan only, an individual who received an eligible loan that is
to be consolidated while a borrower described in a, b, or c
above.
3. "Borrower
benefits" include fee, principal or interest rate reductions or any other
enhancement that lowers the cost of borrowing for the loan recipient of an
eligible loan financed under the program.
4. "Chief executive officer" means the chief
executive officer of the Authority or a person acting under the supervisory
control of the chief executive officer
5. "Eligible lender" means the Authority and
the Federal Government and any financial institution, credit union or
institution of higher education that is an eligible lender under the federal
Higher Education Act of 1965, Public Law 89-329, 79 Stat. 1219, Title IV, as
amended, or under the federal Health Professions Educational Assistance Act of
1976, Public Law 94-484, 90 Stat. 2243, as amended, as applicable or, in each
case, any successor provision, that is approved by the Authority for
participation in the program.
6.
"Eligible loan or "loan" means a loan originated under the federal Higher
Education Act of 1965, Public Law 89-329, 79 Stat. 1219, Title IV, as amended,
or under the federal Health Professions Educational Assistance Act of 1976,
Public Law 94-484, 90 Stat. 2243, as amended, in each case along with any
successor provision, by an eligible lender to a borrower, or under any student
loan program administered by the Authority.
7. "Finance" means the origination,
acquisition or refinancing of eligible loans including through loans to
eligible lenders.
8. "Maine
resident" means a resident of the State as provided in the Higher Education Act
or the regulations promulgated thereunder.
9. "Program" means the Higher Education Loan
Purchase Program.
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