Terms Used In Montana Code > Title 20 > Chapter 26 > Part 11 - Guaranteed Student Loan Program

• Agency: means the entity designated by the board to administer student loans. See Montana Code 20-26-1101
• Board: means the board of regents of higher education. See Montana Code 20-26-1101
• Board of regents: means the board of regents of higher education created by Article X, section 9, subsection (2), of the Montana constitution and 2-15-1505. See Montana Code 20-1-101
• Contract: A legal written agreement that becomes binding when signed.
• Eligible educational institution: means any institution approved by the United States secretary of education as eligible to participate in the student loan program pursuant to Title IV of the Higher Education Act of 1965, as amended. See Montana Code 20-26-1101
• 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.
• fund: means a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• 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.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Principal: means a person who holds a valid class 3 Montana teacher certificate with an applicable principal's endorsement that has been issued by the superintendent of public instruction under the provisions of this title and the policies adopted by the board of public education and who has been employed by a district as a principal. See Montana Code 20-1-101
• Property: means real and personal property. See Montana Code 1-1-205
• school: means an institution for the teaching of children that is established and maintained under the laws of the state of Montana at public expense. See Montana Code 20-6-501
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• Student loan program: means the program established by the board pursuant to this part. See Montana Code 20-26-1101
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201