Unless the context clearly requires otherwise, in this chapter the following words have the meanings indicated:

(1) “Authority” means the Delaware Higher Education Supplemental Loan Authority.

(2) “Authority loans” means loans by the Authority to institutions of higher education for the purpose of funding education loans.

(3) “Bond resolution” means the resolution or resolutions of the Authority and the trust agreement, if any, authorizing the issuance of and providing for the terms and conditions applicable to bonds.

(4) “Bonds” means bonds, notes or other evidences of obligation of the Authority issued under this chapter including, without limitation, bond or revenue anticipation notes, notes in the nature of commercial paper and refunding bonds.

(5) “Borrower” means a student who has received an education loan or any parent who has received or agreed to pay an education loan.

(6) “Costs of attendance” means the tuition and fees applicable to a student, together with the institution’s estimate of other expenses reasonably related to cost of attendance at that institution including, without limitation, the cost of room and board, transportation, books and supplies.

(7) “Default insurance” means insurance insuring education loans, Authority loans or bonds against default.

(8) “Default reserve fund” means a fund established under a bond resolution for the purpose of securing education loans, Authority loans or bonds.

(9) “Education loan” means a loan which is made by an institution to a student or to parents of a student, or both, in amounts not in excess of the maximum amounts specified by the Authority to finance a part or all of the cost of the student’s attendance at that institution.

(10) “Education loan series portfolio” means all education loans made by a specific institution which are funded from the proceeds of an Authority loan to the institution of higher education out of the proceeds of a related specific bond issue through the Authority.

(11) “Institution” means any public or private nonprofit educational institution situated within this State which:

a. Provides a program of education beyond the high school level;

b. Awards an associate’s, bachelor’s or advanced degree;

c. Is accredited by the Commission on Higher Education of the Middle States Association of Colleges and Schools or by a national accrediting association or group recognized by the Council on Postsecondary Accreditation.

(12) “Loan funding deposit” means moneys or other property deposited by an institution with the Authority or a trustee, in amounts the Authority determines necessary as a condition for an institution’s participation in the Authority’s programs to:

a. Provide security for bonds;

b. Fund a default reserve fund;

c. Acquire default insurance; or

d. Defray costs of the Authority.

(13) “Parent” means any parent or guardian of a student at an institution of higher education.

63 Del. Laws, c. 378, § ?1;