HARRY HUGHES, Governor

3403

AN ACT concerning

Maryland Higher Education Loan Corporation

FOR the purpose of providing that the Maryland Higher
Education Loan Corporation may loan or guarantee the
loan of funds to residents of this State who plan to
attend colleges or vocational schools in this State or
elsewhere; providing for parents of certain students to
borrow funds for educational expenses of those
individuals;, defining terms; providing for term of
loan; providing for conditions of repayment of the
loan; and generally relating to the Maryland Higher
Education Loan Corporation.

BY repealing and reenacting, with amendments,

Article - Education

Section 18-1003(a) and 18-1009(a)

Annotated Code of Maryland

(1978 Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article - Education

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, GRADUATE, OR PROFESSIONAL student, OR
INDEPENDENT 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, GRADUATE, OR PROFESSIONAL student OR
INDEPENDENT UNDERGRADUATE STUDENT.

18-1009.

(a) Except in the case of a loan made to the parent of
a dependent undergraduate, GRADUATE, OR PROFESSIONAL student
OR INDEPENDENT UNDERGRADUATE STUDENT which will require
payment to begin not later than 60 days after the date the
loan is disbursed by the lender, the terms and conditions of