Terms Used In Maine Revised Statutes > Title 20-A > Part 5 > Chapter 417-F - Higher Education Loan Purchase Program

• Agent: means an individual appointed to serve in the capacity of a superintendent. See Maine Revised Statutes Title 20-A Sec. 1
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Finance Authority of Maine established in Title 10, section 961 and its successors or assigns. See Maine Revised Statutes Title 20-A Sec. 11492
• Bonds: includes bonds, notes, commercial paper, pass-through instruments or any other evidences of indebtedness the authority issues under this chapter. See Maine Revised Statutes Title 20-A Sec. 11492
• Borrower: means a person who is obligated as a borrower to make payment of an eligible loan. See Maine Revised Statutes Title 20-A Sec. 11492
• Eligible lender: means the authority and the Federal Government and any financial institution, credit union or institution of higher education that is an eligible lender under the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat. See Maine Revised Statutes Title 20-A Sec. 11492
• Finance: means the origination, acquisition or refinancing of eligible loans, including through loans to eligible lenders. See Maine Revised Statutes Title 20-A Sec. 11492
• 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.
• 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}
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• loan: means a loan originated under the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat. See Maine Revised Statutes Title 20-A Sec. 11492
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Principal: means the person who supervises the operation and management of a school and school property as determined necessary by the superintendent under policies established by the school board. See Maine Revised Statutes Title 20-A Sec. 1
• Program: means the Higher Education Loan Purchase Program established by this chapter. See Maine Revised Statutes Title 20-A Sec. 11492
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Trustee: A person or institution holding and administering property in trust.
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.