ยง 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.