As used in this article 3.1 or in the specified portion of this article 3.1, unless the context otherwise requires:
"Borrower" means any person who receives a loan made, originated, disbursed, serviced, or guaranteed by the division, or made, purchased, originated, disbursed, or serviced by collegeinvest, created by part 2 of this article, or made from or in anticipation of an institutional loan as defined in section 23-3.1-202 by one or more institutions of higher education or a nonprofit corporation acting on behalf of one or more institutions of higher education.
(1.3) "Clock hour" means a period of time that is the equivalent of:
A fifty-to-sixty-minute class, lecture, or recitation; or
A fifty-to-sixty-minute faculty-supervised laboratory, shop training, or internship.
(1.5) "Commission" means the Colorado commission on higher education.
"Department" means the department of higher education.
"Director", as used in this part 1, means the director of the division.
"Division" means the student loan division in the department which shall constitutethe successor division for all obligations incurred by the loan guarantee division formerly established by this part 1.
(4.2) "Educational loan" means a student loan which is:
Secured in such manner as the division or the authority created by part 2 of thisarticle deems appropriate or prudent; and
Not authorized by Title IV, Part B of the federal "Higher Education Act of 1965", as
amended.
(4.5) "Guaranteed student loan" means a student loan authorized by Title IV, Part B of the federal "Higher Education Act of 1965", as amended.
(5) "Institution of higher education" means an educational institution which meets all of the following criteria:
It admits as regular students persons having a certificate of graduation from a schoolproviding secondary education or comparable qualifications and persons for enrollment in courses which they reasonably may be expected to complete successfully or persons who have the ability to benefit from the training offered;
(I) It is a college, university, or community or local district college inside the UnitedStates which is either accredited by a nationally recognized accrediting agency or association or, if not so accredited, meets the alternative criteria set forth in the federal "Higher Education Act of 1965", as amended, 20 U.S.C. sec. 1085 (b); or
(II) It is a vocational or occupational school inside the United States which is either accredited by a nationally recognized accrediting agency or association or meets the criteria set forth in the federal "Higher Education Act of 1965", as amended, 20 U.S.C. sec. 1085 (c)(4), and, in the case of private occupational schools located in Colorado, holds a certificate of approval as required by article 64 of this title 23;
(c) (I) It provides an educational program for which it awards a bachelor's degree; or
It provides not less than a two-year program which is acceptable for full credit towards such a degree; or
It provides not less than a one-year program of training to prepare students for gainful employment in a recognized occupation; or
It is a private occupational school providing a program of not less than three hundred clock hours of classroom instruction or its equivalent to prepare students for gainful employment in a recognized occupation.
"Lender" means any bank operating under a national or state charter, any domesticsavings and loan association operating under a national or state charter, any domestic branch or agency of a foreign bank duly licensed by a state or the United States, any credit union established pursuant to federal law or the law of the state in which its principal place of operation is established, any insurance company authorized to do business within this state, any institution of higher education that applies for and receives formal approval of the division as an eligible lender pursuant to the rules of the division, any pension fund eligible under the federal "Higher Education Act of 1965", 20 U.S.C. 1071 et seq., as amended, any secondary market operation established pursuant to the federal "Education Amendments of 1972", as amended, or the authority created by part 2 of this article.
(a) "Resident" means any person attending an institution of higher education in Colorado, any person attending an institution of higher education outside Colorado who would qualify for Colorado in-state tuition status under article 7 of this title, or any person attending an institution of higher education outside Colorado who has applied for a loan from a lender approved by the division.
(b) "Resident" includes a parent of any person specified in paragraph (a) of this subsection (7) if such person is a dependent of such parent.
(8) "Student loan" means a loan made to finance higher education opportunities or to consolidate or refinance loans made to finance higher education opportunities, which loan is made, originated, disbursed, or serviced by the division or by collegeinvest, created pursuant to part 2 of this article, or which one or more institutions of higher education or a nonprofit corporation acting on behalf of one or more institutions of higher education may make from or in anticipation of an institutional loan as defined in section 23-3.1-202 or which is guaranteed by the division and may include guaranteed student loans and educational loans.
Source:. L. 79: Entire article added, p. 807, § 1, effective July 1. L. 81: (1) R&RE, (1.5) added, and (7) amended, p. 1087, §§ 1, 2, effective May 29; (5)(b) and (5)(c)(IV) amended, p. 852, § 26, effective July 1. L. 82: (1.3) added and (5)(c)(IV) amended, p. 342, § 1, effective March 22. L. 83: (5)(a) and (5)(b) amended, p. 782, § 1, effective April 5; (6) amended, p. 784, § 1, effective April 5. L. 84: (1) and (4) R&RE, (4.2), (4.5), and (8) added, and (6) amended, p. 617, 618, §§ 2, 3, effective April 10; (6) amended, p. 376, § 12, effective July 1. L. 85: (7)(a) amended, p. 773, § 2, effective April 5. L. 2000: IP and (3) amended, p. 1296, § 17, effective May 26. L. 2004: (1), (6), and (8) amended, p. 558, § 1, effective July 1. L. 2017: IP and (5)(b)(II) amended, (HB 17-1239), ch. 261, p. 1205, § 11, effective August 9.