The following words and terms shall, unless the context otherwise requires, have the following meanings:

(1) "Authority" means the State Fiscal Accountability Authority, acting as the State Education Assistance Authority.

(2) "Eligible institution" shall mean (a) any institution of higher learning or post-secondary business, trade or technical educational schools; and (b) vocational and training schools, which shall have received the approval as such by the Authority.

Eligible institutions may be located within or beyond the boundaries of South Carolina.

(3) "Loan fund" shall mean the State Education Assistance Authority loan fund which shall be established as provided by Section 59-115-60.

(4) "Revenue bonds" or "student loan revenue bonds" shall mean revenue bonds of the Authority issued under the provisions of this chapter, including revenue refunding bonds.

(5) "Sinking fund" shall mean the fund established pursuant to Section 59-115-70 in order to provide for the payment of the principal and interest of revenue bonds.

(6) "Student" means any qualifying student in attendance at any eligible institution.

(7) "Student loans" means loans made to students for the purpose of enabling them to attend eligible institutions.

(8) "Loan Guarantee Reserve Fund" shall mean the state education assistance authority loan guarantee reserve fund which shall be established as provided by Section 59-115-70.

HISTORY: 1962 Code Section 22-96.1; 1971 (57) 775; 1978 Act No. 474, Section 2; 1987 Act No. 195, Section 2; 2014 Act No. 121 (S.22), Pt VII, Section 20.O.1, eff July 1, 2015.

Effect of Amendment

2014 Act No. 121, Section 20.O.1, in subsection (1), substituted "means the State Fiscal Accountability Authority" for "shall mean the State Budget and Control Board of South Carolina".