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3080
LAWS OF MARYLAND
Ch. 488
18-1302. DEFINITIONS.
(A) UNLESS THE CONTEXT CLEARLY REQUIRES OTHERWISE, IN
THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(B) "AUTHORITY" MEANS THE MARYLAND HIGHER EDUCATION
SUPPLEMENTAL LOAN AUTHORITY.
(C) "AUTHORITY LOANS" MEANS LOANS BY THE AUTHORITY TO
INSTITUTIONS OF HIGHER EDUCATION FOR THE PURPOSE OF FUNDING
EDUCATION LOANS.
(D) "BONDS" MEANS BONDS, NOTES, OR OTHER EVIDENCES OF
OBLIGATION OF THE AUTHORITY ISSUED UNDER THIS SUBTITLE,
INCLUDING, WITHOUT LIMITATION, BOND OR REVENUE ANTICIPATION
NOTES, NOTES IN THE NATURE OF COMMERCIAL PAPER, AND
REFUNDING BONDS.
(E) "BOND RESOLUTION" MEANS THE RESOLUTION OR
RESOLUTIONS OF THE AUTHORITY AND THE TRUST AGREEMENT, IF
ANY, AUTHORIZING THE ISSUANCE OF AND PROVIDING FOR THE TERMS
AND CONDITIONS APPLICABLE TO BONDS.
(F) "BORROWER" MEANS A STUDENT WHO HAS RECEIVED AN
EDUCATION LOAN OR ANY PARENT WHO HAS RECEIVED OR AGREED TO
PAY AN EDUCATION LOAN.
(G) "COST OF ATTENDANCE" MEANS THE TUITION AND FEES
APPLICABLE TO A STUDENT, TOGETHER WITH THE INSTITUTION'S
ESTIMATE OF OTHER EXPENSES REASONABLY RELATED TO COST OF
ATTENDANCE AT THAT INSTITUTION INCLUDING, WITHOUT
LIMITATION, THE COST OF ROOM AND BOARD, TRANSPORTATION,
BOOKS AND SUPPLIES.
(H) "DEFAULT INSURANCE" MEANS INSURANCE INSURING
EDUCATION LOANS, AUTHORITY LOANS, OR BONDS AGAINST DEFAULT.
(I) "DEFAULT RESERVE FUND" MEANS A FUND ESTABLISHED
UNDER A BOND RESOLUTION FOR THE PURPOSE OF SECURING
EDUCATION LOANS, AUTHORITY LOANS, OR BONDS.
(J) "EDUCATION LOAN" MEANS A LOAN WHICH IS MADE BY AN
INSTITUTION TO A STUDENT OR TO PARENTS OF A STUDENT, OR
BOTH, IN AMOUNTS NOT IN EXCESS OF THE MAXIMUM AMOUNTS
SPECIFIED BY THE AUTHORITY TO FINANCE A PART OR ALL OF THE
COST OF THE STUDENT'S ATTENDANCE AT THAT INSTITUTION.
(K) "EDUCATION LOAN SERIES PORTFOLIO" MEANS ALL
EDUCATION LOANS MADE BY A SPECIFIC INSTITUTION WHICH ARE
FUNDED FROM THE PROCEEDS OF, AN AUTHORITY LOAN TO THE
INSTITUTION OF HIGHER EDUCATION OUT OF THE PROCEEDS OF A
RELATED SPECIFIC BOND ISSUE THROUGH THE AUTHORITY.
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