New York Codes, Rules and Regulations
Title 8 - EDUCATION DEPARTMENT
Chapter XX - Higher Education Services Corporation
Subchapter A - Administration
Part 2004 - Limitation, Suspension Or Termination Of Approval Of Loan Or Loan Guarantee Applications
Section 2004.1 - Definitions
Current through Register Vol. 46, No. 39, September 25, 2024
As used in this Part:
(a) Limitation means the continuance of a college or vocational institution's or a lender's eligibility, subject to compliance with special conditions or restrictions which have been set as a result of a failure to comply with applicable law, regulations or agreements.
(b) Suspension means the removal of an institution's or a lender's eligibility (or portions thereof) for a specified period of time or until the occurrence of one or more specified conditions.
(c) Termination means the unqualified removal of an institution's or lender's eligibility (or portions thereof) for an indefinite period of time.
(d) Exception status means the removal of loan applications from standard processing procedures in order to conduct a further review of such applications, obtain additional information or verify information contained therein from the applicants or others.
(e) Loans shall include New York Higher Education Loan Program (NYHELPs) loans as set forth in article 14 of the New York State Education Law.
