Terms Used In Louisiana Revised Statutes > Title 6 > Chapter 23 - Student Loan Servicers

• Court reporter: A person who makes a word-for-word record of what is said in court and produces a transcript of the proceedings upon request.
• Nonconforming payment: means a payment made by a student loan borrower that is more or less than the required payment for a student education loan account. See Louisiana Revised Statutes 6:1411
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• servicing: means :

              (a) Receiving any scheduled periodic payments from a student loan borrower or notification of such payments and applying payments to the student loan borrower's account pursuant to the terms of the student education loan or a governing contract. See Louisiana Revised Statutes 6:1411

• Student education loan: means any of the following:

              (i) A loan that is made, insured, or guaranteed under Title IV of the Higher Education Act of 1965, as amended. See Louisiana Revised Statutes 6:1411

• Student loan borrower: means a resident of this state who meets either of the following criteria:

              (a) Has received or agreed to pay a student education loan. See Louisiana Revised Statutes 6:1411

• Student loan servicer: means a person or entity who is engaged in the business of servicing a student education loan owed by a student loan borrower. See Louisiana Revised Statutes 6:1411