Or. Admin. Code § 575-050-0005 - Definitions

For the purposes of the Medical and Dental Student Loan Program, the following definitions shall be used:

(1) "Academic Year". A period of time, beginning September 1, in which a full-time student would normally be expected to complete three quarters of instruction.

(2) "Commission". The Higher Education Coordinating Commission.

(3) "Dependent/Independent Student". The definition of independent/dependent student shall be the definition used for the student aid programs under Title IV of the Higher Education Act of 1965 as amended.

(4) "Division". The Division of State Lands.

(5) "Full-Time Student". A student who is carrying a full-time academic workload as determined by the institution.

(6) "Guarantor or Guarantee Agency". The Higher Education Coordinating Commission.

(7) "Institution". The Oregon Health Sciences University and Oregon State University.

(8) "Interim Note". The basic contract between the student-borrower and the lender whereby the lender makes funds available to qualifying individuals to pay educational costs. It reflects the amount borrowed, rate and maturity, the terms and conditions under which the loan is made, a Disclosure Statement and endorsement by the Commission.

(9) "Lender". The Division of State Lands.

(10) "Resident of Oregon". Residency is established by virtue of the student (in the case of independent students) or the student's parents (in the case of dependent students) having been in continuous residency in this state for the 12 months preceding enrollment. Residency is immediate in the case of a dependent whose parents have moved to this state for a reason other than the student's enrollment. The residency period may be reduced to the preceding six months in the case of an independent student who moved to this state for a purpose other than education:

(a) A dependent resident student whose Oregon domiciled parent(s) move out-of-state shall retain resident classification as long as such students are continuously enrolled at an Oregon high school or postsecondary institution. Continuous enrollment is defined as completion of an academic year within any 12-month period;

(b) An independent resident student shall retain resident classification as long as the student is continuously enrolled at an Oregon postsecondary institution. Continuous enrollment is defined as completion of an academic year within any 12-month period;

(c) A dependent student whose parent(s) are serving on active duty in the United States Armed Forces outside the state of Oregon shall have residency status determined by the parents' declared "home of record". An independent student who is serving on active duty in the United States Armed Forces outside the State of Oregon shall have residency status determined by the student's declared "home of record";

(d) A student from a state other than Oregon or the Trust Territories who is receiving, or is eligible to receive financial assistance through the government of the state or the Trust Territories, shall not be considered a resident of Oregon;

(e) An independent student who otherwise qualifies as an Oregon resident, but pays out-of state tuition and fees shall not be considered a resident of Oregon.

(11) "Schedule of Payments". The schedule which includes the number of payments, the amount of each payment and the date(s) due.

(12) "Deferred Interest".

(a) For medical, dental, and veterinary student borrowers, the interest which accrues during the period commencing on the date of the disbursement check and ending on the date the borrower ceases to be enrolled full-time;

(b) For undergraduate nursing student borrowers, the interest which accrues from September 1 each year following the date of graduation or termination as a full-time student to the date repayment commences.

(13) "Accruing Interest".

(a) For medical, dental, and veterinary student borrowers, the interest which accrues commencing on the date the borrower ceases to be enrolled full-time at the Institution and continuing until the loan is paid in full;

(b) For nursing student borrowers, the interest which accrues from the date repayment of the loan begins until the loan is paid in full.

(14) "Annual Interest". For undergraduate nursing student borrowers, the interest which accrues from the date of the disbursement check to the end of the school year, August 31 of each year.

Notes

Or. Admin. Code § 575-050-0005

SSC 2-1978(Temp), f. & ef. 1-4-78; SSC 3-1978, f. & ef. 2-16-78; SSC 1-1979, f. & ef. 1-17-79; SSC 2-1979, f. 7-24-79, ef. 8-1-79; SSC 2-1980, f. 1-31-80, ef. 4-1-80; SSC 4-1980, f. & ef. 10-22-80; SSC 1-1981, f. & ef. 9-3-81; SSC 4-1983, f. & ef. 11-29-83; SSC 4-1990, f. & cert. ef. 6-22-90; OSAC 1-2015, f. & cert. ef. 12/18/2015

Stat. Auth.: ORS 348

Stats. Implemented: ORS 348.040 - 348.095