261A.4 - DEFINITIONS.

        261A.4  DEFINITIONS.
         As used in this chapter, unless the context otherwise requires:
         1.  "Authority" means the Iowa higher education loan authority
      created by this chapter, and "members of the authority" means
      those persons appointed to the authority pursuant to section 261A.6.

         2.  "Authority loans" means loans by the authority to
      institutions of higher education for the purpose of funding education
      loans.
         3.  "Bond resolution" means a resolution of the authority and
      the trust agreement, if any, and any supplements or amendments to the
      resolution and agreement, authorizing the issuance of and providing
      for the terms and conditions applicable to obligations.
         4.  "Bond service charges" means principal, including
      mandatory sinking fund requirements for retirement of obligations,
      and interest, and redemption premium, if any, required to be paid by
      the authority on obligations.
         5.  "Borrower" means a student who has received an education
      loan or a parent who has received or agreed to pay an education loan.

         6.  "Cost of attendance" means the amount defined by the
      institution for the purpose of the guaranteed student loan program as
      defined under Title IV, part B, of the "Higher Education Act of 1965"
      as amended.
         7.  "Default insurance" means insurance insuring education
      loans, authority loans, or obligations against default.
         8.  "Default reserve fund" means a fund established pursuant
      to a bond resolution for the purpose of securing education loans,
      authority loans, or obligations.
         9.  "Education loan" means a loan which is made by an
      institution to a student or parents of a student, or both, in amounts
      not in excess of the maximum amounts specified in rules adopted by
      the authority under chapter 17A to finance all or a portion of the
      cost of the student's attendance at the institution.
         10.  "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 from the proceeds of
      a related specific issue of obligations through the authority.
         11.  "Governmental agency" means the state or a state
      department, division, commission, institution, or authority, an
      agency, city, county, township, school district, and any other
      political subdivision or special district in this state established
      pursuant to law, and, except where otherwise indicated, also means
      the United States or a department, division, or agency of the United
      States, and an agency, commission, or authority established pursuant
      to an interstate compact or agreement.
         12.  "Institution" means a nonprofit educational institution
      located in Iowa not owned or controlled by the state or any political
      subdivision, agency, instrumentality, district, or city of the state,
      which is authorized by law to provide a program of education beyond
      the high school level and which meets all of the following
      requirements:
         a.  Admits as regular students only individuals having a
      certificate of graduation from high school, or the recognized
      equivalent of such a certificate.
         b.  Provides an educational program for which it awards a
      baccalaureate degree; or provides an educational program which
      conditions admission upon the prior attainment of a baccalaureate
      degree or its equivalent, for which it awards a postgraduate degree;
      or provides not less than a two-year program which is acceptable for
      full credit toward a baccalaureate degree, or offers not less than a
      two-year program in engineering, mathematics, or the physical or
      biological sciences which is designed to prepare the student to work
      as a technician and at a semiprofessional level in engineering,
      scientific, or other technological fields which require the
      understanding and application of basic engineering, scientific, or
      mathematical principles or knowledge.
         c.  Is accredited by a nationally recognized accrediting
      agency or association or, if not accredited, is an institution whose
      credits are accepted, on transfer, by not less than three
      institutions which are accredited.
         d.  Does not discriminate in the admission of students on the
      basis of age, race, creed, color, sex, national origin, religion, or
      disability.
         e.  Has a governing board which possesses its own sovereignty.

         f.  Has a governing board, or delegated institutional
      officials, which possess final authority in all matters of local
      control, including educational policy, choice of personnel,
      determination of program, and financial management.
         13.  "Loan funding deposit" means money or other property that
      is deposited:
         a.  By an institution with the authority or a trustee.
         b.  In amounts deemed necessary by the authority as a
      condition for the institution's participation in the authority's
      programs.
         c.  For the purpose of one or more of the following:
         (1)  Providing security for obligations.
         (2)  Funding a default reserve fund.
         (3)  Acquiring default insurance.
         (4)  Defraying costs of the authority.
         14.  "Obligations" means bonds, notes, or other evidences of
      indebtedness of the authority, including interest coupons pertaining
      thereto, issued under this chapter, including refunding bonds.
         15.  "Parent" means a parent or guardian of a student at an
      institution.
         16.  "Person" means a public or private person, firm,
      partnership, association, corporation or other body.  
         Section History: Early Form
         [82 Acts, ch 1031, § 4] 
         Section History: Recent Form
         2008 Acts, ch 1031, §43
         Referred to in § 261A.24