As used in this chapter, the following words and terms have the following meanings unless the context indicates another or different meaning or intent:

(1)  “Authority” means the governmental agency and public instrumentality previously authorized, created, and established pursuant to § 16-57-4.

(2)  “Commissioner of postsecondary education” means the commissioner appointed by the council on postsecondary education pursuant to § 16-59-6 or his or her designee.

(3)  “Eligible borrower” means a student, or the parent of a student, who is either a resident of the state or who, under rules promulgated by the office, is qualified to make an eligible loan.

(4)  “Eligible institution,” subject to further particular or more restrictive definition by regulation of the office, means:

(i)  An institution of higher learning;

(ii)  A vocational school; or

(iii)  With respect to students who are nationals of the United States, an institution outside the United States that is comparable to an institution of higher education or to a vocational school and that has been approved by the commissioner of postsecondary education for purposes of the guaranteed student loan program.

(5)  “Eligible loan” means a loan to a student or to the parent of a student insured or guaranteed by the commissioner of postsecondary education, or by any other governmental or private agency, corporation, or organization having a reinsurance or guaranty agreement with the commissioner applicable to the student loan.

(6)  “Guaranteed student loan program” means the program of federal student loan insurance and reinsurance administered by the commissioner of postsecondary education.

(7)  “Lender,” subject to further particular or more restrictive definition by regulation of the office, means any governmental or private agency, corporation, organization, or institution designated as an “eligible lender” by federal statute, regulation, or administrative ruling for the purposes of the guaranteed student loan program.

(8)  “Participant” means an individual, corporation, trust, or other “person” within the meaning of § 529 of the Internal Revenue Code [26 U.S.C. § 529], who makes contributions to the tuition savings program established pursuant to § 16-57-6.1 for purposes of paying qualified higher education expenses on behalf of a beneficiary.

(9)  “Participating institution” means an institution for higher education that agrees to participate in a savings program or pre-paid tuition program established pursuant to this chapter.

(10)  “Pre-paid tuition program” means a program administered by the division, in conjunction with the executive director of the Rhode Island Student Loan Authority and the commissioner of postsecondary education, that provides a means for qualified students, parents, and others responsible for paying the costs of education to fix all or a portion of the direct cost of attendance at participating institutions in one or more future years.

(11)  “Program” means the tuition savings program established pursuant to § 16-57-6.1.

(12)  “Qualified higher education expenses” means the costs of tuition, fees, books, supplies and equipment required for enrollment or attendance at an institution of higher education, and other education costs defined by federal law.

(13)  “Secretary” means the United States secretary of education.

(14)  “State” means the state of Rhode Island.

(15)  “Student,” as used with reference to the guaranteed student loan program and the parent loan program, means an individual who, under rules promulgated by the division, is enrolled or accepted for enrollment at an eligible institution and who is making suitable progress in his or her education toward obtaining a degree or other appropriate certification in accordance with standards acceptable to the authority.

(16)  “Tuition savings program” or “savings program” means a program approved and administered by the general treasurer, in conjunction with the executive director of the Rhode Island Student Loan Authority, and the commissioner of postsecondary education, designed to facilitate and encourage savings by, or on behalf of, students, future students, and parents for the purpose of paying the costs of attending institutions of higher education.

(17)  “Council” means the council on postsecondary education established pursuant to § 16-59-1.

(18)  “Division” means the Rhode Island division of higher education assistance, the division authorized, created, and established pursuant to § 16-57-4.