R 390.1401 Definitions; A, C.

Rule 1. As used in these rules: (a) "Academic year" means a period of time during which a student borrower progresses from one level of class standing to the next higher level or 7 months. (b) "Act" means title IV, part B, of the higher education act of 1965, as amended, 20 U.S.C. S1071 et seq. (c) "Authority" means the Michigan higher education assistance authority as created by Act No. 77 of the Public Acts of 1960, as amended, being S390.951 et seq. of the Michigan Compiled Laws. (d) "Claim" means the requesting of insurance under the guarantee when the borrower defaults on a loan in accordance with the conditions and requirements of the act and the secretary specified in the provisions of34 C.F.R. SS682.200, 682.402, and 682.411. These provisions are adopted by reference in R 390.1491. (e) "Cure requirements" means steps to be followed to reinstate the guarantee in accordance with the conditions and requirements of the act and the secretary that are set forth in 34 C.F.R. S682.413 and adopted by reference in R 390.1491, when those conditions and requirements were not properly carried out in the initial administration of the loan.