As used in this act, unless the context indicates another or different meaning, the following words shall have the following meanings:

“Authority” means the Higher Education Student Assistance Authority established pursuant to this act, or any body, entity, commission, or department succeeding to the principal functions thereof or to whom the powers conferred upon the authority by this act shall be given by law.

“Board” means the governing body of the authority appointed or elected pursuant to N.J.S. 18A:71A-4 of this article.

“Bond” means bonds, notes or other obligations of the authority issued pursuant to this act.

“Commission” means the New Jersey Commission on Higher Education.

“Eligible institution” means, unless otherwise defined by this act or by the authority by regulation, an institution having a participation agreement with the authority which is further defined in 20 U.S.C. § 1071 et seq., and which includes an institution of higher education, a proprietary institution of higher education, a postsecondary vocational institution and a vocational school, provided that the institution or school is licensed or approved by the appropriate agency or department and accredited or preaccredited by a nationally recognized accrediting association.

“Executive director” means the chief executive and administrative officer of the authority.

“Fund” means the Higher Education Student Assistance Fund.

“Lender” or “eligible lender” includes the authority and any institution authorized to make loans under 20 U.S.C. § 1071 et seq. which has entered into a participation agreement with the authority.

“Member” means an individual appointed or elected to the board of the authority or serving ex-officio on the board.

“State college” means any college or university created pursuant to chapter 64 of Title 18A of the New Jersey Statutes.

L.1999,c.46,s.1.