Terms Used In Rhode Island General Laws > Chapter 16-57 - Rhode Island Higher Education Assistance Act

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the governmental agency and public instrumentality previously authorized, created, and established pursuant to § 16-57-4. See Rhode Island General Laws 16-57-3
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Commissioner of postsecondary education: means the commissioner appointed by the council on postsecondary education pursuant to § 16-59-6 or his or her designee. See Rhode Island General Laws 16-57-3
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Council: means the council on postsecondary education established pursuant to § 16-59-1. See Rhode Island General Laws 16-57-3
• Division: means the Rhode Island division of higher education assistance, the division authorized, created, and established pursuant to § 16-57-4. See Rhode Island General Laws 16-57-3
• 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. See Rhode Island General Laws 16-57-3
• Guaranteed student loan program: means the program of federal student loan insurance and reinsurance administered by the commissioner of postsecondary education. See Rhode Island General Laws 16-57-3
• Jurisdiction: (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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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.
• Participant: means an individual, corporation, trust, or other "person" within the meaning of § 529 of the Internal Revenue Code [Rhode Island General Laws 16-57-3
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• 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. See Rhode Island General Laws 16-57-3
• Program: means the tuition savings program established pursuant to Rhode Island General Laws 16-57-3
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• 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. See Rhode Island General Laws 16-57-3
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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. See Rhode Island General Laws 16-57-3
• Secretary: means the United States secretary of education. See Rhode Island General Laws 16-57-3
• State: means the state of Rhode Island. See Rhode Island General Laws 16-57-3
• Statute: A law passed by a legislature.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8