§ 2822. Definitions

As used in this chapter:

(1) “Corporation” means the Vermont Student Assistance Corporation.

(2) “Board” means the Board of Directors of the Vermont Student Assistance Corporation.

(3) “Student” means any person who:

(A) has graduated from a secondary school, satisfied the requirements for graduation by passing examinations covering the subject matter of a secondary school curriculum, or met the eligibility criteria established by the U.S. Secretary of Education for the receipt of student financial assistance under Title IV of the Higher Education Act, and in each case who is attending or plans to attend an approved postsecondary education institution; or

(B) is attending an approved postsecondary education institution. For the purposes of the student loan program, “student” means a student as defined by the Board and which definition shall not be inconsistent with federal regulations.

(4) “Parents” means a student’s parent or parents as determined by the Corporation consistently with the requirements of the federal financial assistance programs established under Title IV of the Higher Education Act.

(5) “Adjusted gross income” means an individual’s adjusted gross income under the laws of the United States relating to federal income taxes for the tax year next preceding the school year for which a grant or loan is sought.

(6) “Approved postsecondary education institution” means any institution of postsecondary education that is:

(A) certified by the State Board of Education as provided in section 176 or 176a of this title;

(B) accredited by an accrediting agency approved by the U.S. Secretary of Education pursuant to the Higher Education Act;

(C) a non-U.S. institution approved by the United States Secretary of Education as eligible for use of education loans made under Title IV of the Higher Education Act; or

(D) a non-U.S. institution designated by the Corporation as eligible for use of its grant awards.

(7) “Resident” means, with respect to a student, a student who has been domiciled in Vermont for the year preceding the date of commencement of the relevant semester or academic program. A residence established in Vermont for the purpose of attending an educational institution shall not of itself be sufficient to establish domicile in Vermont. Whenever a resident student loses his or her Vermont domicile, as in the case of a minor whose parents move from the State, the student shall thereafter be reclassified as a nonresident.

(8) “Taxable,” when used in reference to a note, bond, or other obligation means that the interest on that obligation is includable in the gross income of the holder under the laws of the United States relating to federal income taxes.

(9) “Higher Education Act” means the federal Higher Education Act of 1965, Pub. L. No. 89-329, 20 U.S.C. chapter 28, as amended, together with the regulations promulgated under that Act by the U.S. Secretary of Education. (Added 1965, No. 198, § 2(a)-(i); amended 1967, No. 131, § 9; 1967, No. 371 (Adj. Sess.), § 1, eff. March 27, 1968; 1971, No. 175 (Adj. Sess.), § 1, eff. March 28, 1972; 1973, No. 69, § 1, eff. April 14, 1973; 1973, No. 157 (Adj. Sess.), § 1, eff. March 15, 1974; 1975, No. 170 (Adj. Sess.), § 2; 1985, No. 24, § 2, eff. April 26, 1985; 1993, No. 147 (Adj. Sess.), § 2; 2003, No. 21, § 2; 2003, No. 86 (Adj. Sess.), § 3; 2019, No. 131 (Adj. Sess.), § 98.)