173.100. Definitions.

294 words·~1 min read·/mo/chapter-173/173-100

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173.100. Definitions. — As used in sections 173.095 to 173.187 the following terms mean:

(1)"Board" , the Missouri coordinating board for higher education;

(2)"Borrower" , any person who has become legally obligated to repay a loan made under the student loan program or that person's guardian, trustee, estate, or other person legally responsible for defending against or satisfying borrower's obligations under the student loan program;

(3)"Department" , the Missouri department of higher education and workforce development;

(4)"Earnings" , compensation paid or payable for personal services, whether denominated wages, salary, commission, bonus, or otherwise;

(5)"Eligible borrower" , any person attending or the parent of a dependent attending an eligible institution;

(6)"Eligible institution" , any institution of postsecondary education, including a university, college, vocational and technical school, and other postsecondary institution, which has been approved for purposes of participation in the Missouri student loan program by the department and the United States Secretary of Education;

(7)"Eligible lender" , any bank, savings and loan association, credit union, insurance company, pension fund, eligible educational institution lender, or the department, or the federal Student Loan Marketing Association or other secondary market operation;

(8)"Employer" , any person, partnership, association, corporation, institution, governmental body, unit or agency, school district or municipal corporation, or any other entity employing one or more persons for a salary, wage, commission or other compensation, or any self-employed borrower;

(9)"Fund" , the state guaranty student loan fund;

(10)"LLR fund" , the lender of last resort revolving fund established in section 173.187 ;

(11)"Program" , the Missouri guaranteed student loan program.

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(L. 1967 1st Ex. Sess. p. 894 § 2, A.L. 1978 H.B. 891, A.L. 1981 H.B. 326, A.L. 1988 H.B. 1456, A.L. 1994 S.B. 583)