Definitions

  1. Law
  2. Georgia Code
  3. Education
  4. Postsecondary Education
  5. Scholarships, Loans, and Grants
  6. Georgia Student Finance Authority
  7. General Provisions
  8. Definitions

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As used in this part, the term:

  1. "Authority" means the Georgia Student Finance Authority created by Code Section 20-3-313.
  2. "Authorized officer" means the chairperson, vice chairperson, executive director or president, treasurer, secretary, or other person authorized by this part, resolution of the board of directors, agreements entered into by the board of directors or the authority, or bylaws of the authority to act as an authorized officer of the authority for any prescribed purpose.
  3. "Board of directors" means the board of directors of the authority.
  4. "Borrower" means an eligible student or eligible parent who has obtained an educational loan under this part or from a lender under Part 2 of this article.
  5. "Commission" means the Georgia Student Finance Commission created by Code Section 20-3-233.
  6. "Corporation" means the Georgia Higher Education Assistance Corporation created by Code Section 20-3-263.
  7. "Directory information" means the present or last known name, address, and place of employment; social security number; telephone number; school enrollment status; academic classification and standing; actual or anticipated date of graduation, withdrawal from, or transfer to another school; other educational loan indebtedness; and other financial aid available to, and other similar data as the case may be and as may be applicable to, an applicant for or the recipient of scholarship or grant assistance under this part or to a borrower, comaker, cosigner, endorser, or person or credit reference named on an application for loan guaranty submitted to a lender under Part 2 of this article, and the spouse thereof.
  8. "Federal act" means all provisions of federal statutes which provide federal funds for any student financial aid purpose or for any activity related to student financial aid and federal statutes relative to programs of low-interest educational loans to students and parents administered in whole or in part by the secretary, including but not limited to the federal Higher Education Act of 1965 (P.L. 89-329), as amended, and all rules and regulations prescribed by the secretary pursuant thereto.
  9. "Federal interest subsidies" means the interest subsidy payments on educational loans provided for in the federal act.
  10. "Guaranty agency" means the corporation or any other state or nonprofit institution or organization with which the United States Department of Education has an agreement under the federal act.
  11. "Guaranty fee" means the insurance premium charge on educational loans authorized by Code Section 20-3-271 or the federal act.
  12. "Lender" means a "lender" as defined in paragraph (12) of Code Section 20-3-262 or as prescribed by the federal act.
  13. "Loan" or "educational loan" means an obligation representing advances of money by a lender to an eligible student or eligible parent evidenced by one or more promissory notes, on note forms prescribed by any guaranty agency, as prescribed by the federal act. In the event of the purchase and sale or the pledge or assignment of such loans or a participating interest in such loans, the term shall include contingent interests, security interests, pledges, commitments, choses in action, or other property interests in such loans.
  14. "Loan guaranty" means the document or endorsement issued by any guaranty agency, as prescribed by the federal act, as evidence of the guaranty by the corporation of an educational loan to be made by a lender to an eligible student or eligible parent. The term "guaranty," when used in this part, shall have the same meaning as "insurance" as such term is used in the federal act and shall be synonymous therewith.
  15. "Parent" or "eligible parent" means a parent of an eligible student who qualifies for an educational loan under the federal act and regulations prescribed by the authority.
  16. "Part" means this part, including rules and regulations prescribed by the board of directors pursuant thereto.
  17. "Secretary" means the United States secretary of education or any official succeeding to the powers of such secretary under the federal act.
  18. "Special allowance payments" means the special allowance payments on educational loans provided for in the federal act.

(Code 1933, § 32-3703, enacted by Ga. L. 1980, p. 835, § 3; Ga. L. 1981, p. 735, §§ 28-32; Ga. L. 1995, p. 961, § 7; Ga. L. 2003, p. 158, § 4; Ga. L. 2004, p. 441, § 1.)


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