As used in this article, the following terms shall have the following meanings unless otherwise specified:

Terms Used In N.Y. Education Law 651

  • Board: shall mean the board of trustees of 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.
  • President: shall mean the president of the corporation. See N.Y. Education Law 651
  • Statute: A law passed by a legislature.

1. “Corporation” shall mean the New York state higher education services corporation.

2. “Board” shall mean the board of trustees of the New York state higher education services corporation.

3. “President” shall mean the president of the corporation.

4. “College”, “vocational institution” and “approved program” shall have the same meanings as defined in article thirteen.

5. “Academic year” shall mean the regular school year beginning July first and ending June thirtieth.

6. “Federal student aid programs” shall mean the programs of the United States government making financial aid available to pay for the cost of attending post-secondary institutions and established under Title IV of the Higher Education Act of nineteen hundred sixty-five, as amended, or any successor statute.

7. “Lend” shall include one or more of the following services: the origination, disbursement, servicing, and/or collection of any student or parent education loan made by or on behalf of a lending institution a government entity, or an institution of higher education for the purpose of paying for higher education expenses as well as serving as a secondary market for these loans.