IC 21-16 ARTICLE 16. WORK STUDY PROGRAMS;
STUDENT LOANS; LEGAL CAPACITY TO
CONTRACT 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 this
article. 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, or
other entity as described in 20 U.S.C. 1085(d) whose primary
consumer credit function is not the making of guaranteed
student loans and which is examined and supervised by the
appropriate 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 assistance
commission. As added by P.L.2-2007, SEC.257.
IC 21-16-1-4 "Corporation"
Sec. 4. "Corporation" refers to the corporation designated by the
governor 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 guaranteed
under a federal or state program or a program of private insurance
that is made to assist a student in obtaining postsecondary education
and that is:
(1) made to any Indiana student, or to either one (1) or both
parents or the legal guardian of the student, for the purpose of
attending an Indiana or non-Indiana postsecondary educational
institution;
(2) made to any non-Indiana student, or to one (1) or both
parents 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 or
located in a state in which an Indiana bank or an Indiana
bank holding company is entitled under Indiana law to
acquire 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 Indiana
performing work in the public interest; and
(2) for purposes of the in school work study program, an
approved 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 and
sections 2, 12, and 14 of this chapter, refers to a postsecondary
educational 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 student
who:
(A) has completed at least one (1) academic year as a
full-time student at an approved institution of higher
education in Indiana; and
(B) has received a financial aid award from the commission
for the immediately preceding academic year; and
(2) for purposes of the in school work study program, a student
who:
(A) is enrolled as a full-time student at an approved
institution of higher education in Indiana; and
(B) has received a financial aid award from the commission
for 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, means
a program operated by the United States Secretary of Education
under which the United States Secretary of Education provides
guarantees or reinsurances of loans made to students or to either one
(1) or both parents or the legal guardians of the students to assist
students 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 study
fund established by IC 21-16-2-2;
(2) for purposes of IC 21-16-4, refers to the student loan
program fund established by IC 21-16-4-11; and
(3) for purposes of IC 21-16-5, refers to the secondary market
sale 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, means
loans issued by approved lenders to students or either one (1) or both
parents 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 enrolled
in courses sufficient for them to be considered half time by an
eligible 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 is
admitted into the United States for lawful, permanent residence and
who:
(1) attends an eligible institution in Indiana;
(2) lives in Indiana and attends an eligible institution outside
Indiana;
(3) lives outside Indiana and attends an eligible institution
outside 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 commission
under 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 being
within the servicing area of a participating lender, and the
lender is located in Indiana or in a county contiguous to the
boundary of Indiana. As added by P.L.2-2007, SEC.257.
IC 21-16 ARTICLE 16. WORK STUDY PROGRAMS;
STUDENT LOANS; LEGAL CAPACITY TO
CONTRACT 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 this
article. 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, or
other entity as described in 20 U.S.C. 1085(d) whose primary
consumer credit function is not the making of guaranteed
student loans and which is examined and supervised by the
appropriate 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 assistance
commission. As added by P.L.2-2007, SEC.257.
IC 21-16-1-4 "Corporation"
Sec. 4. "Corporation" refers to the corporation designated by the
governor 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 guaranteed
under a federal or state program or a program of private insurance
that is made to assist a student in obtaining postsecondary education
and that is:
(1) made to any Indiana student, or to either one (1) or both
parents or the legal guardian of the student, for the purpose of
attending an Indiana or non-Indiana postsecondary educational
institution;
(2) made to any non-Indiana student, or to one (1) or both
parents 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 or
located in a state in which an Indiana bank or an Indiana
bank holding company is entitled under Indiana law to
acquire 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 Indiana
performing work in the public interest; and
(2) for purposes of the in school work study program, an
approved 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 and
sections 2, 12, and 14 of this chapter, refers to a postsecondary
educational 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 student
who:
(A) has completed at least one (1) academic year as a
full-time student at an approved institution of higher
education in Indiana; and
(B) has received a financial aid award from the commission
for the immediately preceding academic year; and
(2) for purposes of the in school work study program, a student
who:
(A) is enrolled as a full-time student at an approved
institution of higher education in Indiana; and
(B) has received a financial aid award from the commission
for 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, means
a program operated by the United States Secretary of Education
under which the United States Secretary of Education provides
guarantees or reinsurances of loans made to students or to either one
(1) or both parents or the legal guardians of the students to assist
students 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 study
fund established by IC 21-16-2-2;
(2) for purposes of IC 21-16-4, refers to the student loan
program fund established by IC 21-16-4-11; and
(3) for purposes of IC 21-16-5, refers to the secondary market
sale 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, means
loans issued by approved lenders to students or either one (1) or both
parents 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 enrolled
in courses sufficient for them to be considered half time by an
eligible 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 is
admitted into the United States for lawful, permanent residence and
who:
(1) attends an eligible institution in Indiana;
(2) lives in Indiana and attends an eligible institution outside
Indiana;
(3) lives outside Indiana and attends an eligible institution
outside 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 commission
under 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 being
within the servicing area of a participating lender, and the
lender is located in Indiana or in a county contiguous to the
boundary of Indiana. As added by P.L.2-2007, SEC.257.
IC 21-16 ARTICLE 16. WORK STUDY PROGRAMS;
STUDENT LOANS; LEGAL CAPACITY TO
CONTRACT 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 this
article. 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, or
other entity as described in 20 U.S.C. 1085(d) whose primary
consumer credit function is not the making of guaranteed
student loans and which is examined and supervised by the
appropriate 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 assistance
commission. As added by P.L.2-2007, SEC.257.
IC 21-16-1-4 "Corporation"
Sec. 4. "Corporation" refers to the corporation designated by the
governor 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 guaranteed
under a federal or state program or a program of private insurance
that is made to assist a student in obtaining postsecondary education
and that is:
(1) made to any Indiana student, or to either one (1) or both
parents or the legal guardian of the student, for the purpose of
attending an Indiana or non-Indiana postsecondary educational
institution;
(2) made to any non-Indiana student, or to one (1) or both
parents 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 or
located in a state in which an Indiana bank or an Indiana
bank holding company is entitled under Indiana law to
acquire 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 Indiana
performing work in the public interest; and
(2) for purposes of the in school work study program, an
approved 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 and
sections 2, 12, and 14 of this chapter, refers to a postsecondary
educational 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 student
who:
(A) has completed at least one (1) academic year as a
full-time student at an approved institution of higher
education in Indiana; and
(B) has received a financial aid award from the commission
for the immediately preceding academic year; and
(2) for purposes of the in school work study program, a student
who:
(A) is enrolled as a full-time student at an approved
institution of higher education in Indiana; and
(B) has received a financial aid award from the commission
for 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, means
a program operated by the United States Secretary of Education
under which the United States Secretary of Education provides
guarantees or reinsurances of loans made to students or to either one
(1) or both parents or the legal guardians of the students to assist
students 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 study
fund established by IC 21-16-2-2;
(2) for purposes of IC 21-16-4, refers to the student loan
program fund established by IC 21-16-4-11; and
(3) for purposes of IC 21-16-5, refers to the secondary market
sale 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, means
loans issued by approved lenders to students or either one (1) or both
parents 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 enrolled
in courses sufficient for them to be considered half time by an
eligible 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 is
admitted into the United States for lawful, permanent residence and
who:
(1) attends an eligible institution in Indiana;
(2) lives in Indiana and attends an eligible institution outside
Indiana;
(3) lives outside Indiana and attends an eligible institution
outside 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 commission
under 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 being
within the servicing area of a participating lender, and the
lender is located in Indiana or in a county contiguous to the
boundary of Indiana. As added by P.L.2-2007, SEC.257.
