N.Y. Comp. Codes R. & Regs. tit. 3, § 409.1 – Definitions.

(a) Applicant shall mean any person applying for a license under this Part.
(b) Borrower shall mean any resident of this State who has received a student loan or agreed in writing to pay a student loan or any person who shares a legal obligation with such resident for repaying a student loan.
(c) Borrower benefit shall mean an incentive offered to a borrower in connection with the origination of a student loan, including but not limited to an interest rate reduction, principal rebate, fee waiver or rebate, loan cancellation, or cosigner release.
(d) Exempt organization shall mean any banking organization, foreign banking corporation, national bank, Federal savings association, Federal credit union, or any bank, trust company, savings bank, savings and loan association, or credit union organized under the laws of any other state; any public postsecondary educational institution or private nonprofit postsecondary educational institution; the New York State Higher Education Services Corporation; and any entity that holds a license under articles 9 or 11-b of the Banking Law.
(e) NMLS means the Nationwide Multistate Licensing System and Registry and shall include all related computer systems, the Conference of State Bank Supervisors, and State Regulatory Registry LLC.
(f) Nonconforming payment shall mean an overpayment or a partial payment.
(g) Overpayment shall mean a payment on a student loan in excess of the total monthly amount due from a borrower on a student loan, also commonly referred to as a prepayment.
(h) Partial payment shall mean a payment on a student loan in an amount less than the monthly amount due from a borrower on a student loan, also commonly referred to as an underpayment.
(i) Person shall mean any individual, association, corporation, limited liability company, partnership, trust, unincorporated organization, government, or any other entity.
(j) Student loan servicer shall mean a person engaged in the business of servicing student loans owed by one or more borrowers.
1. (1) Servicing shall mean:
  1. (i) receiving any payment from a borrower pursuant to the terms of any student loan; or
  2. (ii) applying any payment to the borrower’s account pursuant to the terms of a student loan or the contract governing the servicing of any such loan; or
  3. (iii) during a period where a borrower is not required to make a payment on a student loan, maintaining account records for the student loan and communicating with the borrower regarding the student loan on behalf of the owner of the student loan promissory note; or
  4. (iv) in conjunction with performing the activities described in subparagraphs (i), (ii) and (iii) of this paragraph:
    1. (a) providing any notification of amounts owed on a student loan by or on account of any borrower;
    2. (b) performing other administrative services with respect to a borrower’s student loan; or
    3. (c) interacting with a borrower with respect to or regarding any attempt to avoid default on the borrower’s student loan and facilitating the activities described in subparagraph (i) or (ii) of this paragraph.
2. (2) Servicing shall not include collecting, or attempting to collect, on a direct loan or FFELP loan for which no payment has been received for 270 days or more, a perkins loan in default, or on a private student loan in default according to the terms of the loan documents.
(k)
(l) Student loan shall mean any loan to a borrower to finance postsecondary education or expenses related to postsecondary education. The term shall not include an extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling.
(m) Federal student loan means:
1. (1) any direct loan;
2. (2) any FFELP loan, which was purchased by the government of the United States pursuant to the Federal Ensuring Continued Access to Student Loans Act and is presently owned by the government of the United States; and
3. (3) any other student loan which is owned by the government of the United States.
(n) Direct loan means any student loan made under the William D. Ford Federal Direct Loan Program, authorized under title IV of the Higher Education Act, as amended (20 U.S.C. section 1070, et seq.).
(o) FFELP loan means any student loan made under the Federal Family Education Loan Program, authorized under title IV of the Higher Education Act, as amended (20 U.S.C. section 1070, et seq.).
(p) Perkins loan means any Federal Perkins Loan, authorized under title IV of the Higher Education Act, as amended (20 U.S.C., section 1070, et seq.).
(q) Private student loan means a student loan which is not a direct loan, FFELP loan, or perkins loan but, rather, a private student loan made by a lender.