Terms Used In New York Laws > Education > Title 1 > Article 2 - Dignity For All Students

• Academic year: shall mean the regular school year beginning July first and ending June thirtieth. See N.Y. Education Law 651
• Apiary: shall mean any location used for raising honey bees or producing honey or other bee related products. See N.Y. Agriculture and Markets Law 173-A
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• baby chicks: as used in this article , means any domestic fowl under the age of six weeks. See N.Y. Agriculture and Markets Law 175-M
• Beekeeper: shall mean any individual or entity that maintains managed honey bees for profit, research, recreational, or educational purposes. See N.Y. Agriculture and Markets Law 173-A
• Colony: shall mean any production unit of bees. See N.Y. Agriculture and Markets Law 173-A
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: shall mean the New York state higher education services corporation. See N.Y. Education Law 651
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Education loan: shall mean any loan that is made under this program to finance or refinance higher education expenses at an eligible college. See N.Y. Education Law 690
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• lender: shall mean any entity that itself or through an affiliate originates education loans, other than an entity authorized to finance the purchase or making of education loans through the issuance of bonds pursuant to the public authorities law. See N.Y. Education Law 690
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• President: shall mean the president of the corporation. See N.Y. Education Law 651
• Program: shall mean the New York Higher Education Loan Program established by this article. See N.Y. Education Law 690
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Trustee: A person or institution holding and administering property in trust.
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.