Ill. Admin. Code tit. 23, § 2722.15 - Definitions

For purposes of this Section, the following terms have the meanings ascribed in this Section:

"Act" means the Higher Education Student Assistance Act [110 ILCS 947 ].

"AWG Order" - An administrative wage garnishment order issued by ISAC to a borrower's employer or employers to withhold the borrower's compensation and remit the withheld compensation to ISAC pursuant to Section 80(1-5) of the Act.

"Borrower" - Includes all original borrowers, cosigners, endorsers or co-makers on a loan or loans.

"Compensation" - Any salary, wages, commissions and bonuses due to the borrower.

"Date of First Delinquency" - The day following the borrower's first failure to make a scheduled monthly payment in accordance with the terms of the promissory note governing a loan or loans to which this Section applies.

"Default" - The status of a borrower's loans as a result of the borrower's failure to make a total of three cumulative, regularly-scheduled payments after the date of first delinquency.

"Loan" or "Loans" - All loans owned, serviced or held by ISAC unless otherwise excluded. This Part shall not apply to any loans owned, serviced or held as a result of ISAC's participation in programs administered by the U.S. Department of Education under Title IV of the Higher Education Act of 1965, as amended (20 USC 1070).

Notes

Ill. Admin. Code tit. 23, § 2722.15