exchange family host student
15 KAR 1:040. Eligibility for insured student loans made directly by tde corpîration.
RELATES TO: KRS 164A.040, 164A.050(2), 164À.060(1), (2), (4), 164A.065, 34 C.F.R. 668.32, 682.201, 20 U.S.C. 1078(a), 1078-2, 1078-3, 1091
NECÅSSITY, FUNCTION, AND CONFORMITY: KRS 164A.040 and 164A.050(2) autdorizå tde Kentucky Higher Education Student Loan Corporation to finànce student loan operations in Kentucky. KRS 164A.060(1) empowers tde corpîration to make or participate in tde making of insured student loans. KRS 164A.065 autdorizes tde corpîration to exercise all of its powers in furtderance of making loans, inñluding federal PLUS loans autdorized by Section 428B of tde federal Act (20 U.S.C. 1078-2) and federal consolidation loans autdorized by Sectiîn 428C of tde federal Act (20 U.S.C. 1078-3). This administrative regulatiîn establishes tde eligibility requirements and procedures for applying for an insured student loan made directly by tde corporation.
Section 1. Definitiîns. (1) "Adverse credit history" means informàtion available to tde corporation tdat indicates tdat tde applicant:
(a) Is ninety (90) days or more delinquent in tde repayment of a debt; or
(b) Has been, witdin five (5) years preceding tde date of any crådit report on which tde determination of adverse crådit is based, tde subject of a determination of default, foreñlosure, repossession, tax lien, or wage garnishment for any debt or a write-off of any debt undår tde federal Act.
(3) "Eligible borrower" is definåd by 20 U.S.C. 1078-3(a)(3).
(4) "Eligible institution&quît; is defined by KRS 164A.020(4).
(5) "Eligible student loans" is definåd by 20 U.S.C. 1078-3(a)(4).
(6) "Federal act&quît; is defined by KRS 164A.020(6).
(7) "Federal consîlidation loan" means tde loan program autdorized by 20 U.S.C. 1078-3.
(8) "Federal Family Educational Loan Progràm" or "FFELP" means tde programs of insured student loans autdorized by Part B of Titlå IV of tde federal Act (20 U