§ 23-3.1-102 — Definitions

Colorado § 23-3.1-102

• Jurisdiction: Colorado
• Title 23: Postsecondary Education
• Art.: Student Loan Program

Text

As used in this article 3.1 or in the specified portion
of this article 3.1, unless the context otherwise requires:

(1) Borrower means any person who receives a loan made, originated,
disbursed, serviced, or guaranteed by the division, or made, purchased, originated,
disbursed, or serviced by collegeinvest, created by part 2 of this article, or made
from or in anticipation of an institutional loan as defined in section 23-3.1-202 by
one or more institutions of higher education or a nonprofit corporation acting on
behalf of one or more institutions of higher education.

(1.3) Clock hour means a period of time that is the equivalent of:

(a) A fifty-to-sixty-minute class, lecture, or recitation; or

(b) A fifty-to-sixty-minute faculty-supervised laboratory, shop training, or
internship.

(1.5) Commission means the Colorado commission on higher education.

(2) Department means the department of higher education.

(3) Director, as used in this part 1, means the director of the division.

(4) Division means the student loan division in the department which shall
constitute the successor division for all obligations incurred by the loan guarantee
division formerly established by this part 1.

(4.2) Educational loan means a student loan which is:

(a) Secured in such manner as the division or the authority created by part 2
of this article deems appropriate or prudent; and

(b) Not authorized by Title IV, Part B of the federal Higher Education Act of
1965, as amended.

(4.5) Guaranteed student loan means a student loan authorized by Title IV,
Part B of the federal Higher Education Act of 1965, as amended.

(5) Institution of higher education means an educational institution which
meets all of the following criteria:

(a) It admits as regular students persons having a certificate of graduation
from a school providing secondary education or comparable qualifications and
persons for enrollment in courses which they reasonably may be expected to
complete successfully or persons who have the ability to benefit from the training
offered;

(b) (I) It is a college, university, or community or local district college inside
the United States which is either accredited by a nationally recognized accrediting
agency or association or, if not so accredited, meets the alternative criteria set
forth in the federal Higher Education Act of 1965, as amended, 20 U.S.C. sec.
1085 (b); or

(II) It is a vocational or occupational school inside the United States which is
either accredited by a nationally recognized accrediting agency or association or
meets the criteria set forth in the federal Higher Education Act of 1965, as
amended, 20 U.S.C. sec. 1085 (c)(4), and, in the case of private occupational schools
located in Colorado, holds a certificate of approval as required by article 64 of this
title 23;

(c) (I) It provides an educational program for which it awards a bachelor's
degree; or

(II) It provides not less than a two-year program which is acceptable for full
credit towards such a degree; or

(III) It provides not less than a one-year program of training to prepare
students for gainful employment in a recognized occupation; or

(IV) It is a private occupational school providing a program of not less than
three hundred clock hours of classroom instruction or its equivalent to prepare
students for gainful employment in a recognized occupation.

(6) Lender means any bank operating under a national or state charter, any
domestic savings and loan association operating under a national or state charter,
any domestic branch or agency of a foreign bank duly licensed by a state or the
United States, any credit union established pursuant to federal law or the law of the
state in which its principal place of operation is established, any insurance company
authorized to do business within this state, any institution of higher education that
applies for and receives formal approval of the division as an eligible lender
pursuant to the rules of the division, any pension fund eligible under the federal
Higher Education Act of 1965, 20 U.S.C. 1071 et seq., as amended, any secondary
market operation established pursuant to the federal Education Amendments of
1972, as amended, or the authority created by part 2 of this article.

(7) (a) Resident means any person attending an institution of higher
education in Colorado, any person attending an institution of higher education
outside Colorado who would qualify for Colorado in-state tuition status under
article 7 of this title, or any person attending an institution of higher education
outside Colorado who has applied for a loan from a lender approved by the division.

(b) Resident includes a parent of any person specified in paragraph (a) of
this subsection (7) if such person is a dependent of such parent.

(8) Student loan means a loan made to finance higher education
opportunities or to consolidate or refinance loans made to finance higher education
opportunities, which loan is made, originated, disbursed, or serviced by the division
or by collegeinvest, created pursuant to part 2 of this article, or which one or more
institutions of higher education or a nonprofit corporation acting on behalf of one or
more institutions of higher education may make from or in anticipation of an
institutional loan as defined in section 23-3.1-202 or which is guaranteed by the
division and may include guaranteed student loans and educational loans.

Legislative History

Source: L. 79: Entire article added, p. 807, � 1, effective July 1. L. 81: (1) R&RE, (1.5) added, and (7) amended, p. 1087, �� 1, 2, effective May 29; (5)(b) and (5)(c)(IV) amended, p. 852, � 26, effective July 1. L. 82: (1.3) added and (5)(c)(IV) amended, p. 342, � 1, effective March 22. L. 83: (5)(a) and (5)(b) amended, p. 782, � 1, effective April 5; (6) amended, p. 784, � 1, effective April 5. L. 84: (1) and (4) R&RE, (4.2), (4.5), and (8) added, and (6) amended, p. 617, 618, �� 2, 3, effective April 10; (6) amended, p. 376, � 12, effective July 1. L. 85: (7)(a) amended, p. 773, � 2, effective April 5. L. 2000: IP and (3) amended, p. 1296, � 17, effective May 26. L. 2004: (1), (6), and (8) amended, p. 558, � 1, effective July 1. L. 2017: IP and (5)(b)(II) amended, (HB 17-1239), ch. 261, p. 1205, � 11, effective August 9.