PURPOSE: This rule establishes the guidelines pertaining to the activities of independent and private guarantors of student loans with respect to Missouri residents attending Missouri schools pursuant to the provisions included in section 173.186, RSMo. This rule sets forth the responsibilities of the guarantors and the procedures for the identification and notification of affected parties.

Editor’s Note: The secretary of state has determined that the publication of this rule in its entirety would be unduly cumbersome or expensive. The entire text of the material referenced has been filed with the secretary of state. This material may be found at the Office of the Secretary of State or at the headquarters of the agency and is available to any interested person at a cost established by state law.

1. (1) Definitions. 6 CSR 10-2

   1. (A) Coordinating board or board is the Coordinating Board for Higher Education (CBHE) created by section 173.005, RSMo.
   2. (B) Correspondence school is any school or program in which a significant percentage of the instruction is through the study of materials in the home rather than through resident instruction at the school.
   3. (C) Eligible institution is any school which meets the eligibility requirements set forth by the coordinating board in 6 CSR 10-2.030 (Missouri Guaranteed Student Loan Program Manual, Chapter 3, Section 3.1).
   4. (D) Independent or private guarantors of student loans denotes private nonprofit agencies that administer a student loan insurance program.
   5. (E) Missouri resident is any person who meets the residency rule set forth by the coordinating board in 6 CSR 10-3.010.
   6. (F) Participate means a postsecondary educational institution has submitted a signed School Eligibility Agreement, been approved by the Missouri Guaranteed Student Loan Program and has delivered one (1) or more Missouri guaranteed student loans to one (1) or more students in the current or previous state fiscal years.
   7. (G) Postsecondary educational institution is any school which comes within the terms institution of higher education or vocational school as those terms are used in Title IV, Part B, of the Higher Education Act of 1965, 20 U.S.C. SS 1080–1087-2.
   8. (H) Student loans are those loans made under the provisions of Title IV, Part B, of the Higher Education Act of 1965, 20 U.S.C. SS 1071–1098-2.
   9. (I) Total amount of student loans is the sum arrived at by adding the dollar amount of each loan as it exists before that amount is reduced by any fees, payment to postsecondary educational institutions or lenders or other amounts.

2. (2) Responsibilities of Independent or Private Guarantors of Student Loans.

   1. (A) An annual report will be required from each independent or private guarantor of student loans who guarantees a student loan made to a Missouri resident to attend a postsecondary educational institution located in Missouri and who makes this guarantee on any loan on or after July 1, 1986.
   2. (B) The annual report shall be filed with the coordinating board by August 15 of each year beginning August 15, 1987.

   3. (C) The annual report shall be submitted on a form provided by the coordinating board and will contain at least the following information for the guaranteed student loans guaranteed within the period of July 1 through June 30, inclusive, immediately preceding the August 15 filing deadline:

      1. 1. The complete name of the indepen-

dent or private guarantor of student loans who is filing the report;

1. 2. The signature, at the end of the

report, of the officer or employee of the guaranty agency who was responsible for the filing of the report;

1. 3. The date on which the report was

signed;

1. 4. The total dollar amount of the student

loans guaranteed by the guaranty agency for each postsecondary educational institution in Missouri attended by the students for whom the loans were guaranteed, broken down for each month of the reporting period according to the month in which the loan was guaranteed. These amounts should be reported regardless of whether any loans were cancelled in part or in full;

1. 5. The name and address of each post-

secondary educational institution attended by the students who were beneficiaries of the guaranteed loans; and

1. 6. The total dollar amount for the entire

twelve (12)-month reporting period of the guaranteed student loans broken down according to each postsecondary educational institution attended by the students for whom the loans were guaranteed.

1. (3) Identification and Notification of Parties Affected by This Rule.

   1. (A) Affected guaranty agencies will be identified from information compiled by the United States Department of Education. Affected lenders and postsecondary educational institutions will be identified from information compiled by the United States Department of Education and by the coordinating board.
   2. (B) The coordinating board will send written notification to these entities by first class mail initially in August 1986 and in evennumbered years after. The notification will contain the requirements of the statutes. The form for the annual report and instructions for completion will be mailed to the affected guaranty agencies annually, beginning in June 1987.

AUTHORITY: section 173.186, RSMo 1994.* Original rule filed Oct. 15, 1986, effective March 12, 1987. *Original authority: 173.186, RSMo 1986.