As used in sections 173.095 to 173.187 the following terms mean:

(1) “Board”, the Missouri coordinating board for higher education;

Terms Used In Missouri Laws 173.100

  • 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.
  • Dependent: A person dependent for support upon another.
  • following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes such district and territories. See Missouri Laws 1.020

(2) “Borrower”, any person who has become legally obligated to repay a loan made under the student loan program or that person’s guardian, trustee, estate, or other person legally responsible for defending against or satisfying borrower’s obligations under the student loan program;

(3) “Department”, the Missouri department of higher education and workforce development;

(4) “Earnings”, compensation paid or payable for personal services, whether denominated wages, salary, commission, bonus, or otherwise;

(5) “Eligible borrower”, any person attending or the parent of a dependent attending an eligible institution;

(6) “Eligible institution”, any institution of postsecondary education, including a university, college, vocational and technical school, and other postsecondary institution, which has been approved for purposes of participation in the Missouri student loan program by the department and the United States Secretary of Education;

(7) “Eligible lender”, any bank, savings and loan association, credit union, insurance company, pension fund, eligible educational institution lender, or the department, or the federal Student Loan Marketing Association or other secondary market operation;

(8) “Employer”, any person, partnership, association, corporation, institution, governmental body, unit or agency, school district or municipal corporation, or any other entity employing one or more persons for a salary, wage, commission or other compensation, or any self-employed borrower;

(9) “Fund”, the state guaranty student loan fund;

(10) “LLR fund”, the lender of last resort revolving fund established in section 173.187;

(11) “Program”, the Missouri guaranteed student loan program.