164.740 Definitions for KRS 164.740 to 164.7891.

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Page 1 of 3 164.740 Definitions for KRS 164.740 to 164.7891. As used in KRS 164.740 to 164.7891, the terms listed below shall have the following <br>meanings: <br>(1) &quot;Authority&quot; means the Kentucky Higher Education Assistance Authority. <br>(2) &quot;Board&quot; means the board of directors of the Kentucky Higher Education Assistance Authority. (3) &quot;Eligible institution&quot; means, unless otherwise specified in this chapter, any educational institution or class of institutions designated as an institution of higher <br>education pursuant to section 102 of the federal act, 20 U.S.C. sec. 1002, as eligible <br>to participate in, and that actively participates in, the Federal Pell Grant Program or, <br>for purposes of insured student loans, is defined as an eligible institution pursuant to <br>section 435 of the federal act, 20 U.S.C. sec. 1085, provided that no right of <br>participation shall be deemed vested pursuant to this subsection in any institution, <br>including, but not by way of limitation, any college, school of nursing, vocational <br>school, or business school. (4) &quot;Eligible lender&quot; 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 <br>be deemed vested hereby in any lender. (5) &quot;Eligible student&quot; means any student enrolled or accepted for enrollment at a participating institution, meeting the criteria established by the federal act and this <br>chapter for the various authority administered programs. (6) &quot;Endorser&quot; 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 <br>for payment on such note. (7) &quot;Federal Act&quot; means the Higher Education Act of 1965, Pub. L. 89-329, as amended. (8) &quot;Grant&quot; means a gift of money, tuition discount, waiver of tuition and fees, or other monetary award that requires neither employment nor repayment, except under <br>conditions prescribed by the board, and is based on demonstrated financial need and <br>such other terms and conditions as the board may prescribe. (9) &quot;Honorary scholarship&quot; means a certificate of merit or achievement or other appropriate document which may be issued by the board to students in recognition <br>of superior academic ability or achievement or a special talent. (10) &quot;Insured student loan&quot; 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 <br>evidenced by a loan guarantee issued by the authority and reinsured by the secretary <br>under the federal act. (11) &quot;Loan&quot; means an advance of money, to be used exclusively for payment of educational expenses, evidenced by a promissory note or similar instrument <br>requiring repayment under specified conditions. Page 2 of 3 (12) &quot;Loan guarantee&quot; 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 <br>reinsurance by the secretary under the federal act. (13) &quot;Participating institution&quot; means any eligible institution, to the extent that it offers an eligible program of study, having a contract in force with the authority, if <br>required by the authority, on such terms as the authority may deem necessary or <br>appropriate to the administration of its programs. (14) &quot;Participating lender&quot; means any eligible lender, including the authority and the Kentucky Higher Education Student Loan Corporation, which has in force a <br>contract with the authority providing for loan guarantee to be issued by the authority <br>under the federal act and this chapter. (15) &quot;Penal institution&quot; means any penitentiary, detention facility, adult correctional facility, jail, or other similar institution operated by the state, local, or federal <br>government or by private business. (16) &quot;Recognition award&quot; means an advance of money to or on behalf of a student in recognition of superior academic ability, achievement or special talent. (17) &quot;Regional accrediting association&quot; means the Middle States Association of Colleges and Schools, Commission on Higher Education; New England Association of <br>Schools and Colleges, Commission on Institutions of Higher Education; North <br>Central Association of Colleges and Schools, Higher Learning Commission; <br>Northwest Association of Schools and Colleges, Commission on Colleges; <br>Southern Association of Colleges and Schools, Commission on Colleges; or <br>Western Association of Schools and Colleges, Accrediting Commission for Senior <br>Colleges and Universities. (18) &quot;Scholarship&quot; 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, <br>superior academic ability, achievement, a special talent, or special condition serving <br>a public purpose and such other terms and conditions as the board may prescribe. (19) &quot;Secretary&quot; means the United States Secretary of Education. <br> <br>(20) &quot;Work study&quot; means an award of money disbursed by the board at specified intervals to students, or as reimbursement to employers of students, who provide <br>needed services for a specified number of hours in a capacity approved by the <br>board. Effective: July 13, 2004 <br>History: Amended 2004 Ky. Acts ch. 111, sec. 1, effective July 13, 2004. -- Amended 2003 Ky. Acts ch. 180, sec. 1, effective June 24, 2003. -- Amended 2000 Ky. Acts <br>ch. 311, sec. 1, effective July 14, 2000. -- Amended 1997 (1st Extra. Sess.) Ky. Acts <br>ch. 1, sec. 119, effective May 30, 1997. -- Amended 1996 Ky. Acts ch. 224, sec. 2, <br>effective July 15, 1996. -- Amended 1994 Ky. Acts ch. 447, sec. 1, effective April <br>11, 1994. -- Amended 1988 Ky. Acts ch. 256, sec. 1, effective July 15, 1988. -- <br>Amended 1982 Ky. Acts ch. 403, sec. 1, effective July 15, 1982. -- Amended 1978 <br>Ky. Acts ch. 339, sec. 1, effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 215, <br>sec. 1, effective March 29, 1976. -- Amended 1974 Ky. Acts ch. 135, sec. 1. -- <br>Created 1966 Ky. Acts ch. 93, sec. 3. Page 3 of 3 Legislative Research Commission Note (7/7/97). The reference to KRS 355.3-415 in subsection (8) of this statute as it appeared in existing language in 1997 (1st Extra. <br>Sess.) Ky. Acts ch. 1, sec. 119 was erroneous, that citation having been changed to <br>KRS 355.3-419 by 1996 Ky. Acts ch. 130, sec. 113. The correct reference has been <br>restored in codification. Cf. KRS 446.270 and 446.280.