Arkansas § 15-5-1903 - Definitions.

§ 15-5-1903. Definitions.

As used in this subchapter: “Education loan” means a loan made to a student or the parent, legal guardian, or sponsor of the student or to an eligible institution for the purpose of financing a student's attendance at the eligible institution. The loan may provide that the student or parent, legal guardian, sponsor of the student, or eligible institution may be held jointly and severally liable for the education loan; “Eligible institution” means any public or private postsecondary educational institution whose students are eligible for guaranteed educational loans, an institution of higher learning, or a vocational school as defined by rule of the Arkansas Development Finance Authority as implemented by the Student Loan Authority Division of the Arkansas Development Finance Authority; “Guaranteed educational loan” means a loan made in accordance with Title IV, Part B, of the Higher Education Act of 1965, 20 U.S.C. § 1071 et seq., or pursuant to an alternative educational loan program undertaken by the division and consistent with this subchapter, to a qualified borrower for payment of educational expenses incurred by a student while attending an eligible institution, the payment of principal of and interest on which is insured by the United States Secretary of Education under the Higher Education Act of 1965, by the Student Loan Guarantee Foundation of Arkansas, its successors or assigns, or by other guarantors as the division may approve; “Obligation”, “bond”, or “bonds” means any bond, note, certificate, or other evidence of indebtedness, whether or not the interest on the obligation shall be subject to federal income taxation; “Qualified borrower” means a student or the parent, legal guardian, or sponsor of a student who: Qualifies for a guaranteed educational loan; and Is a resident of the State of Arkansas or has been accepted for enrollment at or is attending an eligible institution within the State of Arkansas or is borrowing from a lender doing business within the State of Arkansas, including the division; and “Student” means an individual who meets the enrollment and satisfactory progress requirements necessary for making a guaranteed educational loan or an education loan as determined by the division. “Student” includes a dependent and independent undergraduate, graduate, and professional student.