CHAPTER 1. GENERAL PROVISIONS; DEFINITIONS
IC 21-16
ARTICLE 16. WORK STUDY PROGRAMS;STUDENT LOANS; LEGAL CAPACITY TOCONTRACT FOR STUDENT LOANS
IC 21-16-1
Chapter 1. General Provisions; Definitions
IC 21-16-1-1
Definitions
Sec. 1. The definitions in this chapter apply throughout thisarticle.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-2
"Approved lender"
Sec. 2. "Approved lender", for the purposes of IC 21-16-4, means:
(1) an eligible institution; or
(2) a bank, trust company, savings association, credit union, orother entity as described in 20 U.S.C. 1085(d) whose primaryconsumer credit function is not the making of guaranteedstudent loans and which is examined and supervised by theappropriate state or federal regulatory agency.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-3
"Commission"
Sec. 3. "Commission" refers to the state student assistancecommission.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-4
"Corporation"
Sec. 4. "Corporation" refers to the corporation designated by thegovernor under IC 21-16-5-1.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-5
"Education loan"
Sec. 5. "Education loan" means a loan insured or guaranteedunder a federal or state program or a program of private insurancethat is made to assist a student in obtaining postsecondary educationand that is:
(1) made to any Indiana student, or to either one (1) or bothparents or the legal guardian of the student, for the purpose ofattending an Indiana or non-Indiana postsecondary educationalinstitution;
(2) made to any non-Indiana student, or to one (1) or bothparents or the legal guardian of the student, for the purpose of
attending an Indiana postsecondary education institution; or
(3) made or owned by any lending institution:
(A) with an office located in Indiana; or
(B) whose affiliate has an office located in Indiana orlocated in a state in which an Indiana bank or an Indianabank holding company is entitled under Indiana law toacquire a bank or bank holding company.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-6
"Eligible employer"
Sec. 6. "Eligible employer" means:
(1) for purposes of the summer work study program:
(A) an approved postsecondary educational institution;
(B) a state or local governmental unit; or
(C) a private nonprofit organization located in Indianaperforming work in the public interest; and
(2) for purposes of the in school work study program, anapproved postsecondary educational institution.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-7
"Eligible institution"
Sec. 7. "Eligible institution", for the purposes of IC 21-16-4 andsections 2, 12, and 14 of this chapter, refers to a postsecondaryeducational institution described in IC 21-16-4-1.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-8
"Eligible student"
Sec. 8. "Eligible student" means:
(1) for purposes of the summer work study program, a studentwho:
(A) has completed at least one (1) academic year as afull-time student at an approved institution of highereducation in Indiana; and
(B) has received a financial aid award from the commissionfor the immediately preceding academic year; and
(2) for purposes of the in school work study program, a studentwho:
(A) is enrolled as a full-time student at an approvedinstitution of higher education in Indiana; and
(B) has received a financial aid award from the commissionfor the current academic year.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-9
"Federal program"
Sec. 9. "Federal program", for the purposes of IC 21-16-5, meansa program operated by the United States Secretary of Education
under which the United States Secretary of Education providesguarantees or reinsurances of loans made to students or to either one(1) or both parents or the legal guardians of the students to assiststudents in obtaining postsecondary education.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-10
"Fund"
Sec. 10. "Fund":
(1) for purposes of IC 21-16-2, refers to the college work studyfund established by IC 21-16-2-2;
(2) for purposes of IC 21-16-4, refers to the student loanprogram fund established by IC 21-16-4-11; and
(3) for purposes of IC 21-16-5, refers to the secondary marketsale fund established by IC 21-16-5-17.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-11
"Guaranteed loans"
Sec. 11. "Guaranteed loans", for purposes of IC 21-16-4, meansloans issued by approved lenders to students or either one (1) or bothparents of students under state and federal law.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-12
"Half-time students"
Sec. 12. "Half-time students" means certificate, diploma,associate, baccalaureate, graduate, or professional students enrolledin courses sufficient for them to be considered half time by aneligible institution.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-13
"Lending institution"
Sec. 13. "Lending institution", for the purposes of IC 21-16-5,means an institution that makes or holds education loans.
As added by P.L.2-2007, SEC.257.
IC 21-16-1-14
"Resident"
Sec. 14. "Resident" means a United States citizen or alien who isadmitted into the United States for lawful, permanent residence andwho:
(1) attends an eligible institution in Indiana;
(2) lives in Indiana and attends an eligible institution outsideIndiana;
(3) lives outside Indiana and attends an eligible institutionoutside Indiana, but who:
(A) previously was a resident described in subdivision (1) or(2); and (B) as a resident had a loan guaranteed by the commissionunder IC 21-16-4;
(4) resides in a county contiguous to the boundary of Indiana;or
(5) resides in a county that the commission approves as beingwithin the servicing area of a participating lender, and thelender is located in Indiana or in a county contiguous to theboundary of Indiana.
As added by P.L.2-2007, SEC.257.