Oregon Administrative Rules
Chapter 575 - HIGHER EDUCATION COORDINATING COMMISSION, OFFICE OF STUDENT ACCESS AND COMPLETION
Division 50 - MEDICAL-DENTAL STUDENT LOAN PROGRAM
Section 575-050-0005 - Definitions
Current through Register Vol. 63, No. 12, December 1, 2024
For the purposes of the Medical and Dental Student Loan Program, the following definitions shall be used:
(1) "Academic Year". A period of time, beginning September 1, in which a full-time student would normally be expected to complete three quarters of instruction.
(2) "Commission". The Higher Education Coordinating Commission.
(3) "Dependent/Independent Student". The definition of independent/dependent student shall be the definition used for the student aid programs under Title IV of the Higher Education Act of 1965 as amended.
(4) "Division". The Division of State Lands.
(5) "Full-Time Student". A student who is carrying a full-time academic workload as determined by the institution.
(6) "Guarantor or Guarantee Agency". The Higher Education Coordinating Commission.
(7) "Institution". The Oregon Health Sciences University and Oregon State University.
(8) "Interim Note". The basic contract between the student-borrower and the lender whereby the lender makes funds available to qualifying individuals to pay educational costs. It reflects the amount borrowed, rate and maturity, the terms and conditions under which the loan is made, a Disclosure Statement and endorsement by the Commission.
(9) "Lender". The Division of State Lands.
(10) "Resident of Oregon". Residency is established by virtue of the student (in the case of independent students) or the student's parents (in the case of dependent students) having been in continuous residency in this state for the 12 months preceding enrollment. Residency is immediate in the case of a dependent whose parents have moved to this state for a reason other than the student's enrollment. The residency period may be reduced to the preceding six months in the case of an independent student who moved to this state for a purpose other than education:
(11) "Schedule of Payments". The schedule which includes the number of payments, the amount of each payment and the date(s) due.
(12) "Deferred Interest".
(13) "Accruing Interest".
(14) "Annual Interest". For undergraduate nursing student borrowers, the interest which accrues from the date of the disbursement check to the end of the school year, August 31 of each year.
Stat. Auth.: ORS 348
Stats. Implemented: ORS 348.040 - 348.095