Code of Maryland Regulations (Last Updated: April 6, 2021) |
Title 13B. Maryland Higher Education Commission |
Subtitle 02. ACADEMIC REGULATIONS |
Chapter 13B.02.06. Financial Guarantees and the Maryland Guaranty Student Tuition Fund for For-Profit Institutions of Higher Education |
Sec. 13b.02.06.02. Definitions
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A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) Adjusted gross tuition and fees means all revenues received on a cash or accrual accounting basis, less any refunds paid to students, for tuition and fees for all instructional programs or courses enrolled in by students, except for charges for materials, supplies, and books that have been purchased by, and are the property of, a student.
(2) Assessment year means a 12-month period from July 1 through June 30 in which the Secretary may levy assessments on for-profit institutions of higher education as provided in this chapter.
(3) Commission means the Maryland Higher Education Commission.
(4) Discharge.
(a) Discharge means the release of a borrower from the obligation to repay his or her loan for any reason.
(b) Discharge includes, but is not limited to:
(i) Loan forgiveness;
(ii) A discharge through the Closed School Discharge program or the Borrower Defense to Repayment program of the USED; and
(iii) Loan forgiveness or discharge through the federal Department of Veterans Affairs, federal Department of Defense, or any other federal agency.
(5) Financial guarantee means a performance bond, or irrevocable letter of credit, in the form and amount the Secretary requires.
(6) For-profit institution of higher education has the meaning stated in Education Article, §10-101, Annotated Code of Maryland.
(7) Fund means the Maryland Guaranty Student Tuition Fund for For-profit Institutions of Higher Education.
(8) Lender.
(a) Lender means an entity, institution, or government that lends funds to a student, or on behalf of a student, to pay for charges for tuition or fees.
(b) Lender includes:
(i) A bank, mutual savings bank, savings and loan association, or credit union that is subject to examination and supervision in its capacity as a lender by an agency of the United States or of the state in which its principal place of operation is located;
(ii) A pension fund that is subject to examination and supervision by an agency of the United States or a state;
(iii) An insurance company that is subject to examination and supervision by an agency of the United States or a state;
(iv) In any state, a single agency of the state or a single private nonprofit agency designated by the state to lend funds to a student or manage student loan debt;
(v) For purposes of purchasing and holding loans made by other lenders, a student loan marketing association or an agency of any state or the federal government functioning as a secondary market; or
(vi) The USED, federal Department of Veterans Affairs, federal Department of Defense, and any other federal agency.
(9) Loan servicer means an entity that collects payments, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a student loan on behalf of a lender.
(10) Non-Title IV adjusted gross tuition and fees means a schools adjusted gross tuition and fees minus the amount of Title IV federal financial aid received by the school on behalf of its students.
(11) School means a for-profit institution of higher education that has received a certificate of approval from the Commission.
(12) Secretary means the Maryland Secretary of Higher Education.
(13) Student means an individual who resided in Maryland at the time the individual was enrolled in a school.
(14) Student records means:
(a) A students academic record;
(b) A students account ledger;
(c) Evidence of compliance with the schools admissions requirements;
(d) Credit granted for previous academic work;
(e) Date of admission, start dates, and withdrawal or completion dates;
(f) Reasons for withdrawals, when known;
(g) Student transcripts indicating achievements;
(h) Tuition and financial aid records, when applicable; and
(i) Any other information usually required by institutions of postsecondary education when considering a student for transfer, acceptance of credit, or advanced study.
(15) Tuition and Fees
(a) Tuition and fees means all funds paid by or on behalf of a student for charges assessed by a school for providing an instructional program or course.
(b) Tuition and fees includes charges assessed for the use of equipment, materials, or supplies that are assessed against all students in the same course or program.
(c) Tuition and fees does not include charges for materials, supplies, or books that have been purchased by, and are the property of, the student.
(16) USED means the United States Department of Education.