As used in these rules:
- (a) "Participating school" means an eligible institution which has executed an agreement with the secretary to participate in the educational loan programs.
- (b) "Promissory note" means the legal document which is signed by a borrower agreeing to the terms and conditions of the educational loan.
- (c) "Repayment period" means the period of the loan when a borrower is required to make scheduled payments.
- (d) "Secretary" means the secretary of the United States department of education or an official or employee of the education department to whom the secretary has delegated authority.
- (e) "Suspension" means the removal of a school's or lender's eligibility for a specified period of time or until the school or lender fulfills certain requirements.
- (f) "Termination" means the removal of a school's or lender's eligibility for an indefinite period of time or until reinstatement after termination occurs in accordance with the provisions of R 390.1490.
History: 1979 AC; 1984 AACS; 1990 AACS.