Section 20-3-262. Definitions

   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 chairman, vice-chairman, executive director or president, treasurer, secretary, or other person authorized by this part, resolution of the board of directors, or the bylaws of the corporation to act as an authorized officer of the corporation for any prescribed purpose.

   (3) "Board of directors" means the board of directors of the corporation.

   (4) "Borrower" means an eligible student or eligible parent who has obtained an educational loan under this part.

   (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; and other educational loan indebtedness, as the case may be and as may be applicable to a borrower, comaker, cosigner, endorser, or personal or credit reference named on an application for loan guaranty under this part, and the spouse thereof.

   (8) "Federal act" or "federal acts" means all provisions of federal statutes which provide federal funds for any 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 provided for in the federal act.

   (10) "Guaranty agency" means the corporation.

   (11) "Guaranty fee" means the insurance premium charge authorized by Code Section 20-3-271.

   (12) "Lender" means any entity located within or outside the state which is approved by the corporation pursuant to this part for purposes of the program, including the secretary, and including the Student Loan Marketing Association created by the federal act and the authority created by Code Section 20-3-313; provided, however, that each such entity shall have the right to be a lender only to the extent and upon such terms and for such purposes as may be prescribed by the corporation.

   (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 the corporation. 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 the corporation 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 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 corporation.

   (16) "Part" means this part, including rules and regulations prescribed by the board of directors pursuant thereto.

   (17) "Program" means the Georgia Higher Education Loan Program as provided for in the federal act and this part.

   (18) "School" means any educational institution located within or outside the state which:

      (A) Is approved by the corporation pursuant to this part for purposes of the program; and

      (B) Has in force and effect with the corporation, if required by the corporation, a school agreement as prescribed by the corporation.

   (19) "Secretary" means the United States secretary of education or any other official succeeding to the powers of such secretary under the federal act.

   (20) "Special allowance payments" means the special allowance payments provided for in the federal act.

   (21) "Student" or "eligible student" means a student who qualifies for an educational loan under this part.

Code 1933, § 32-3303, enacted by Ga. L. 1980, p. 835, § 2; Ga. L. 1981, p. 735, §§ 4-10; Ga. L. 1995, p. 961, § 3.