R 390.1602 Definitions; G to S.

Rule 2. As used in these rules: (a) "Guaranty agency" means the Michigan higher education assistance authority or any entity which is approved by the authority and guarantees student loans under the higher education act of 1965, or other federal law, and has entered into an agreement with the secretary for reinsurance of its guarantees of student loans. (b) "Participating lender" means a lending institution, which has entered into an agreement with the guaranty agency. (c) "Secretary" means the United States secretary of education or a designee of the secretary.