The following words and terms shall, unless the context otherwise requires, have the following meanings:
(1) "Authority" shall mean the State Budget and Control Board of South Carolina, acting as the State Education Assistance Authority.
- (1) "Authority" means the State Fiscal Accountability Authority, acting as the State Education Assistance Authority.
(2) "Eligible institution" shall mean (a) any institution of higher learning or post-secondary business, trade or technical educational schools; and (b) vocational and training schools, which shall have received the approval as such by the Authority.
Eligible institutions may be located within or beyond the boundaries of South Carolina.
- (3) "Loan fund" shall mean the State Education Assistance Authority loan fund which shall be established as provided by Section 59-115-60.
- (4) "Revenue bonds" or "student loan revenue bonds" shall mean revenue bonds of the Authority issued under the provisions of this chapter, including revenue refunding bonds.
- (5) "Sinking fund" shall mean the fund established pursuant to Section 59-115-70 in order to provide for the payment of the principal and interest of revenue bonds.
- (6) "Student" means any qualifying student in attendance at any eligible institution.
- (7) "Student loans" means loans made to students for the purpose of enabling them to attend eligible institutions.
- (8) "Loan Guarantee Reserve Fund" shall mean the state education assistance authority loan guarantee reserve fund which shall be established as provided by Section 59-115-70.
HISTORY: 1962 Code Section 22-96.1; 1971 (57) 775; 1978 Act No. 474, Section 2; 1987 Act No. 195, Section 2; 2014 Act No. 121 (S.22), Pt VII, Section 20.O.1, eff July 1, 2015.