1640

LAWS OF MARYLAND

Ch. 313

(G) "FORBEARANCE" MEANS PERMITTING THE TEMPORARY
CESSATION OF PAYMENTS, ALLOWING AN EXTENSION OF TIME FOR
MAKING PAYMENTS, OR ACCEPTING SMALLER PAYMENTS THAN WERE
PREVIOUSLY SCHEDULED.

(H) AS USED IN THIS SUBTITLE, THE TERMS "DEPENDENT
STUDENT" OR "INDEPENDENT STUDENT" HAVE THE MEANINGS
INDICATED IN REGULATIONS ISSUED BY THE SECRETARY AND
CERTIFIED BY AN OFFICER OF THE COLLEGE OR VOCATIONAL SCHOOL.

18-1003.

(a)  The purpose of the corporation is to improve the
educational opportunities of residents of this State who
attend or plan to attend colleges or vocational schools in
this State or elsewhere, by lending or guaranteeing the loan
of funds to these individuals OR, IN THE CASE OF A DEPENDENT
UNDERGRADUATE STUDENT, TO THE INDIVIDUAL'S PARENTS to help
them meet their educational expenses. WHENEVER NECESSARY TO
CARRY OUT THE PROVISIONS OF THIS SECTION, THE TERMS
"STUDENT", "STUDENT BORROWER", OR "BORROWER" USED IN THIS
SUBTITLE SHALL INCLUDE A "PARENT BORROWER" WHO IS ELIGIBLE
TO BORROW UNDER THE PROGRAM TO HELP MEET THE EDUCATIONAL
EXPENSES OF A DEPENDENT UNDERGRADUATE STUDENT.

(b)  To carry out its purpose, the corporation may:

(1)  Lend money under this subtitle, on the terms
and conditions the board determines to residents of this
State who have been accepted for enrollment or who are
students in good standing at colleges or vocational schools
in this State or elsewhere, to help them meet their
educational expenses;

(2)  Guarantee the loan of money under this
subtitle on the terms and conditions the board determines to
residents of this State who have been accepted for
enrollment or who are students in good standing at colleges
or vocational schools in this State or elsewhere, to help
them meet their educational expenses;

(3)  Obtain a group life insurance policy to
insure the repayment of loans made or guaranteed by the
corporation if a borrower dies;

(4)  Pay a service fee of $40 to any lending
institution for the processing, approval, and granting a
loan or conversion to a "pay-out" program for an existing
loan on behalf of any student who receives a loan under this
subtitle;

(5)  Acquire by gift, grant, appropriation or
purchase, and own, either absolutely or in trust, any
interest in or income from property and money for any
purpose of the corporation from any source, and on any
terms;