Terms Used In Maine Revised Statutes > Title 20-A > Part 5 > Chapter 417-B - Supplemental Loan Program

• 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
• Authority: means the Finance Authority of Maine established in Title 10, section 961 and its successors or assigns. See Maine Revised Statutes Title 20-A Sec. 11442
• Authority loans: means loans 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. 11442
• 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. 11442
• Borrower: means a student who has received an education loan or any parent who has received or agreed to repay an education loan. See Maine Revised Statutes Title 20-A Sec. 11442
• Code: means the United States Internal Revenue Code of 1986, as amended. See Maine Revised Statutes Title 20-A Sec. 11442
• 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. 11442
• Default insurance: means insurance that insures authority loans or bonds against default. See Maine Revised Statutes Title 20-A Sec. 11442
• Default reserve fund: means a fund established by the authority for the purpose of securing authority loans or bonds. See Maine Revised Statutes Title 20-A Sec. 11442
• Education loan: means a loan 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. 11442
• 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. See Maine Revised Statutes Title 20-A Sec. 11442
• 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.
• 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 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 attended by residents of the State and for which loan guarantee services are readily and conveniently available to the authority, that: