R 390.1623 Definitions; I to T.

Rule 3. As used in these rules: (a) "Interest" means the percentage of an amount of money that is paid for its use for a specified time. (b) "Loan" means loans authorized under section 4a of 1975 PA 222, MCL 390.1154a. (c) "Loan period" means a period of time the student expects to be enrolled and for which loan assistance is being requested. A loan period shall not be more than 12 months. (d) "Michigan resident" means a person who is accepted for enrollment or enrolled in an eligible school located in this state or a person whose primary residence is in this state. (e) "Promissory note" means a note which is developed by the authority, which cites the terms and conditions of a loan, and which identifies the responsibilities of the borrower and cosigner or cosigners. (f) "Reserve fee" means a fee as established by the authority and paid by the borrower to the authority to establish a reserve. (g) "School student loan eligibility criteria" means a school evaluation process established by the authority, which may include the following: (i) Graduation rate. (ii) Federal cohort default rate. (iii) Borrower credit readiness. (h) "Totally and permanently disabled" means the inability to work and earn money or attend school because of an impairment that is expected to continue indefinitely or to result in death.