N.Y. Education Law § 690: Definitions

§ 690. Definitions. As used in this part, the following terms shall

have the following meanings unless otherwise specified:

1. "Education loan" shall mean any loan that is made under this

program to finance or refinance higher education expenses at an eligible

college.

2. "Eligible borrower" or "borrower" shall mean (i) a student who is a

resident of New York state attending, or accepted for enrollment at, an

eligible college, or (ii) the parent, legal guardian, or sponsor, as

defined by the corporation in regulation, of a student attending, or

accepted for enrollment at, an eligible college who is a resident of New

York state, and who obtains an education loan from a lending institution

to pay for or finance higher education expenses under this program.

3. "Eligible college" shall mean a post-secondary institution, located

within New York state, eligible for funds under Title IV of the Higher

Education Act of nineteen hundred sixty-five, as amended, or successor

statute offering a two-year, four-year, graduate or professional degree

granting or certificate program.

4. "Eligible co-signer" shall mean a parent, legal guardian or

otherwise credit worthy individual over twenty-one years of age who

satisfies applicable credit criteria approved by the corporation and is

a resident of New York state.

5. "Higher education expenses" shall mean the cost of attendance at an

eligible college and shall include tuition and fees, books, room and

board, and other educationally related expenses, as determined by the

corporation.

6. "Holder" shall mean, with respect to an education loan: (i) a

lender; (ii) a public benefit corporation authorized to finance the

purchase or making of education loans pursuant to the public authorities

law; or (iii) any assignee of such lender or public benefit corporation.

7. "Lending institution" or "lender" shall mean any entity that itself

or through an affiliate originates education loans, other than an entity

authorized to finance the purchase or making of education loans through

the issuance of bonds pursuant to the public authorities law.

8. "Program" shall mean the New York Higher Education Loan Program

established by this article.

9. "Student" shall mean any individual who is enrolled at least

half-time, as defined by the commissioner, in a two year, four year,

graduate or professional degree granting or certificate program at an

eligible college.