164.740 Definitions for KRS 164.740 to 164.7891.
805 words·~4 min read·
/ky/chapter-164/164-740A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in KRS 164.740 to 164.7891, the terms listed below shall have the following meanings:
(1)"Authority" means the Kentucky Higher Education Assistance Authority;
(2)"Board" means the board of directors of the Kentucky Higher Education Assistance
Authority;
(3)"Comprehensive transition and postsecondary program" means a program approved
by the United States Department of Education as defined in 34 C.F.R. secs. 668.230
to 668.233;
(4)"Eligible institution" means, unless otherwise specified in this chapter, any
educational institution or class of institutions designated as an institution of higher
education pursuant to section 102 of the federal act, 20 U.S.C. sec. 1002, as eligible
to participate in, and that actively participates in, the Federal Pell Grant Program or,
for purposes of insured student loans, is defined as an eligible institution pursuant to
section 435 of the federal act, 20 U.S.C. sec. 1085, provided that no right of
participation shall be deemed vested pursuant to this subsection in any institution,
including, but not by way of limitation, any college, school of nursing, vocational
school, or business school;
(5)"Eligible lender" means any entity described as eligible pursuant to the federal act
to make or originate insured student loans, provided that no right of participation
shall be deemed vested hereby in any lender;
(6)"Eligible student" means any student enrolled or accepted for enrollment at a
participating institution, meeting the criteria established by the federal act and this
chapter for the various authority administered programs;
(7)"Endorser" means a person who signs a student loan promissory note as an
accommodation party, in the manner of KRS 355.3-419, and is secondarily liable
for payment on such note;
(8)"Federal act" means the Higher Education Act of 1965, Pub. L. 89-329, as
amended;
(9)"Grant" means a gift of money, tuition discount, waiver of tuition and fees, or other
monetary award that requires neither employment nor repayment, except under
conditions prescribed by the board, and is based on demonstrated financial need and
such other terms and conditions as the board may prescribe;
(10)"Honorary scholarship" means a certificate of merit or achievement or other
appropriate document which may be issued by the board to students in recognition
of superior academic ability or achievement or a special talent;
(11)"Insured student loan" means a loan to an eligible borrower, who is qualified under
the federal act, on which the payment of principal and interest is insured as
evidenced by a loan guarantee issued by the authority and reinsured by the secretary
under the federal act;
(12)"Loan" means an advance of money, to be used exclusively for payment of
educational expenses, evidenced by a promissory note or similar instrument
requiring repayment under specified conditions;
(13)"Loan guarantee" means the certificate, document, or endorsement issued by the
authority as evidence of insurance of a loan as to both principal and interest and of
reinsurance by the secretary under the federal act;
(14)"Participating institution" means any eligible institution, to the extent that it offers
an eligible program of study, having a contract in force with the authority, if
required by the authority, on such terms as the authority may deem necessary or
appropriate to the administration of its programs;
(15)"Participating lender" means any eligible lender, including the authority and the
Kentucky Higher Education Student Loan Corporation, which has in force a
contract with the authority providing for loan guarantee to be issued by the
authority under the federal act and this chapter;
(16)"Penal institution" means any penitentiary, detention facility, adult correctional
facility, jail, or other similar institution operated by the state, local, or federal
government or by private business;
(17)"Recognition award" means an advance of money to or on behalf of a student in
recognition of superior academic ability, achievement or special talent;
(18)"Regional accrediting association" means the Middle States Association of Colleges
and Schools, Commission on Higher Education; New England Association of
Schools and Colleges, Commission on Institutions of Higher Education; North
Central Association of Colleges and Schools, Higher Learning Commission;
Northwest Association of Schools and Colleges, Commission on Colleges;
Southern Association of Colleges and Schools, Commission on Colleges; or
Western Association of Schools and Colleges, Accrediting Commission for Senior
Colleges and Universities;
(19)"Scholarship" means a gift of money to provide an incentive for fulfillment of a
particular public purpose which may be based on any combination of financial
need, superior academic ability, achievement, a special talent, or special condition
serving a public purpose and such other terms and conditions as the board may
prescribe;
(20)"Secretary" means the United States Secretary of Education; and
(21)"Work study" means an award of money disbursed by the board at specified
intervals to students, or as reimbursement to employers of students, who provide
needed services for a specified number of hours in a capacity approved by the
board.