Montana Code 20-26-1103. Duties of board
20-26-1103. Duties of board. In discharging its duties in relation to the student loan program, the board shall:
Terms Used In Montana Code 20-26-1103
- Agency: means the entity designated by the board to administer student loans. See Montana Code 20-26-1101
- Board: means the board of regents of higher education. See Montana Code 20-26-1101
- Eligible educational institution: means any institution approved by the United States secretary of education as eligible to participate in the student loan program pursuant to Title IV of the Higher Education Act of 1965, as amended. See Montana Code 20-26-1101
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- school: means an institution for the teaching of children that is established and maintained under the laws of the state of Montana at public expense. See Montana Code 20-6-501
- Student loan program: means the program established by the board pursuant to this part. See Montana Code 20-26-1101
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)act as guarantor and administrator on loans of money, upon terms and conditions that the board may prescribe, to assist persons attending or accepted for enrollment at an eligible educational institution to meet their educational expenses;
(2)approve financial or credit institutions or other lenders as eligible lenders upon their meeting the standards established by the board for making student loans;
(3)incur and discharge debts, including defaulted loan obligations that have been guaranteed by the board;
(4)make and execute agreements, contracts, and other instruments with any public or private person or agency, including the United States secretary of education, for the administration of the student loan program;
(5)provide for the operation of the student loan program to conduct loan approval processing, essential and special loan servicing, preclaims assistance, supplemental preclaims assistance, claim processing and collections, and other services that would promote lender and school participation and loan availability to students;
(6)perform any other duties necessary for the administration of the student loan program and other student financial aid-related activities for the benefit of students as determined by the board.