§ 16-57-3 - Definitions.
SECTION 16-57-3
§ 16-57-3 Definitions. – As used in this chapter, the following words and terms have the followingmeanings unless the context indicates another or different meaning or intent:
(1) "Authority" means the governmental agency and publicinstrumentality authorized, created, and established pursuant to § 16-57-4.
(2) "Commissioner of higher education" means the commissionerappointed by the Rhode Island board of governors for higher education or his orher designee.
(3) "Eligible borrower" means a student, or the parent of astudent, who is either a resident of the state or who, under rules promulgatedby the authority, is qualified to make an eligible loan.
(4) "Eligible institution", subject to further particular ormore restrictive definition by regulation of the authority, means:
(i) An institution of higher learning;
(ii) A vocational school; or
(iii) With respect to students who are nationals of theUnited States, an institution outside the United States which is comparable toan institution of higher education or to a vocational school and which has beenapproved by the authority and by the commissioner for purposes of theguaranteed student loan program.
(5) "Eligible loan" means a loan to a student or to theparent of a student insured or guaranteed by the commissioner, by theauthority, or by any other governmental or private agency, corporation, ororganization having a reinsurance or guaranty agreement with the commissionerapplicable to the student loan.
(6) "Guaranteed student loan program" means the program offederal student loan insurance and reinsurance administered by the commissioner.
(7) "Lender", subject to further particular or morerestrictive definition by regulation of the authority, means any governmentalor private agency, corporation, organization, or institution designated as an"eligible lender" by federal statute, regulation, or administrative ruling forthe purposes of the guaranteed student loan program.
(8) "Participant" means an individual, corporation, trust orother "person" within the meaning of § 529 of the Internal Revenue Code[26 U.S.C. § 529], who makes contributions to the tuitionsavings program established pursuant to § 16-57-6.1 for purposes of payingqualified higher education expenses on behalf of a beneficiary.
(9) "Participating institution" means an institution forhigher education which agrees to participate in a savings program or prepaidtuition program established pursuant to this chapter.
(10) "Prepaid tuition program" means a program administeredby the authority, in conjunction with the executive director of the RhodeIsland Student Loan Authority, and the commissioner of higher education, whichprovides a means for qualified students, parents and others responsible forpaying the costs of education to fix all or a portion of the direct cost ofattendance at participating institutions in one or more future years.
(11) "Program" means the tuition savings program establishedpursuant to § 16-57-6.1.
(12) "Qualified higher education expenses" means the costs oftuition, fees, books, supplies and equipment required for enrollment orattendance at an institution of higher education, and other education costsdefined by federal law.
(13) "Secretary" means the United States secretary ofeducation.
(14) "State" means the state of Rhode Island and ProvidencePlantations.
(15) "Student", as used with reference to the guaranteedstudent loan program and the parent loan program, means an individual who,under rules promulgated by the authority, is enrolled or accepted forenrollment at an eligible institution and who is making suitable progress inhis or her education toward obtaining a degree or other appropriatecertification in accordance with standards acceptable to the authority.
(16) "Tuition savings program" or "Savings program" means aprogram approved and administered by the authority, in conjunction with theexecutive director of the Rhode Island Student Loan Authority, and thecommissioner of higher education, designed to facilitate and encourage savingsby or on behalf of students, future students and parents for the purpose ofpaying the costs of attending institutions of higher education.