Maine Revised Statutes > Title 20-A > Part 5 > Chapter 417-A – Maine Educational Loan Program
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes > Title 20-A > Part 5 > Chapter 417-A - Maine Educational Loan Program
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Agent: means an individual appointed to serve in the capacity of a superintendent. See Maine Revised Statutes Title 20-A Sec. 1
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Finance Authority of Maine, including in its capacity as successor to the Maine Educational Loan Authority and the Finance Authority of Maine's successors or assigns. See Maine Revised Statutes Title 20-A Sec. 11413
- Authority loans: means loans made under this chapter by the authority to institutions of higher education, students or other persons for the purpose of funding, financing or acquiring education loans. See Maine Revised Statutes Title 20-A Sec. 11413
- Bonds: includes bonds, notes, refunding bonds, commercial paper, pass-through instruments or any other evidences of obligations of the authority issued under this chapter. See Maine Revised Statutes Title 20-A Sec. 11413
- Borrower: means a student who has received an education loan or any parent who has received or agreed to repay an education loan under this chapter. See Maine Revised Statutes Title 20-A Sec. 11413
- Code: means the United States Internal Revenue Code of 1986, as amended, and the regulations to that Code. See Maine Revised Statutes Title 20-A Sec. 11413
- Contract: A legal written agreement that becomes binding when signed.
- Cost of attendance: means the tuition and fees applicable to a student, together with an estimate of other expenses reasonably related to cost of attendance at an institution, including, without limitation, the cost of room and board, transportation, books and supplies. See Maine Revised Statutes Title 20-A Sec. 11413
- Default insurance: means insurance that insures authority loans or bonds made or issued under this chapter against default. See Maine Revised Statutes Title 20-A Sec. 11413
- Default Reserve Fund: means a fund established by the authority for the purpose of securing authority loans or bonds made or issued under this chapter. See Maine Revised Statutes Title 20-A Sec. 11413
- Education loan: means a loan made under this chapter that is made by the authority or by, or on behalf of, 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 student's cost of attendance at an institution. See Maine Revised Statutes Title 20-A Sec. 11413
- Education loan series portfolio: means all education loans made by a specific institution that are funded from or acquired by 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 under this chapter. See Maine Revised Statutes Title 20-A Sec. 11413
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- institution of higher education: means any public or private nonprofit educational institution within the State, any public or private nonprofit educational institution outside of the State which is attended by residents of the State, any proprietary educational institution within the State for which loan guarantee services are readily and conveniently available to the authority or any proprietary educational institution outside of the State which is attended by residents of the State and for which loan guarantee services are readily and conveniently available to the authority, which:
A. See Maine Revised Statutes Title 20-A Sec. 11413Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Loan funding deposit: means money or other property deposited by an institution with the authority or a trustee or custodian, in amounts the authority determines necessary as a condition for an institution's participation in the authority's programs under this chapter, to:
A. See Maine Revised Statutes Title 20-A Sec. 11413Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Parent: means any parent or guardian of a student at an institution of higher education. See Maine Revised Statutes Title 20-A Sec. 11413 Personal property: All property that is not real property. Principal: means the person who supervises the operation and management of a school and school property as determined necessary by the superintendent under policies established by the school board. See Maine Revised Statutes Title 20-A Sec. 1 Rule: means a rule adopted by the authority pursuant to the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter II. See Maine Revised Statutes Title 20-A Sec. 11413 Secondary market: means the entity created pursuant to section 11407 prior to the enactment of this chapter. See Maine Revised Statutes Title 20-A Sec. 11413 Subpoena: A command to a witness to appear and give testimony. Supplemental loan: means a loan to a student or to a parent to finance the costs of higher education other than a loan guaranteed pursuant to the federal Higher Education Act of 1965, 20 United States Code, Chapter 28. See Maine Revised Statutes Title 20-A Sec. 11413 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trustee: A person or institution holding and administering property in trust. Trustor: The person who makes or creates a trust. Also known as the grantor or settlor. United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72