C.R.S. Section 23-3.1-102
Definitions

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)

Intentionally left blank —Ed.

(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)

Intentionally left blank —Ed.

(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)

Intentionally left blank —Ed.

(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.

Source: Section 23-3.1-102 — Definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

23‑3.1‑101
Legislative declaration 23‑3.1‑102
Definitions 23‑3.1‑103
Division created - director - staff 23‑3.1‑103.5
Enterprise status of division 23‑3.1‑104
Duties and powers of division - rules 23‑3.1‑104.5
Additional powers of division 23‑3.1‑104.7
Restructuring plan - legislative declaration 23‑3.1‑106
Student loan program established 23‑3.1‑106.5
Special funds 23‑3.1‑107
Student loan guarantee fund - created 23‑3.1‑108
Age qualification 23‑3.1‑109
Subject to audit 23‑3.1‑110
Designation as sole state agency 23‑3.1‑111
Authority of division to enter into agreements to provide administrative and guarantee services 23‑3.1‑112
Authority and power of the division to guarantee, originate, service, make, and purchase consolidation loans and refinancing loans 23‑3.1‑201
Legislative declaration 23‑3.1‑202
Definitions 23‑3.1‑203
Authority - creation - membership - transfer of personnel 23‑3.1‑204
Organizational meeting - chairperson - conflict of interest 23‑3.1‑205
Meetings of board - quorum - expenses 23‑3.1‑205.3
Transfer of property 23‑3.1‑205.4
Collegeinvest fund - creation - control - use 23‑3.1‑205.5
Collegeinvest - enterprise status 23‑3.1‑205.7
Department of higher education - executive director - powers and duties 23‑3.1‑206
General powers and duties of the authority 23‑3.1‑206.5
Servicing of student obligations and institutional loans 23‑3.1‑206.7
Prepaid expense program 23‑3.1‑206.9
Colorado collegeinvest scholarship program - administration - fund - policies 23‑3.1‑207
Notes 23‑3.1‑208
Bonds 23‑3.1‑209
Negotiability of bonds 23‑3.1‑210
Security for bonds and notes 23‑3.1‑211
Personal liability 23‑3.1‑212
Purchase 23‑3.1‑213
Payment of bonds and advance payment contracts - limited liability of state 23‑3.1‑214
Exemption from taxation - securities law 23‑3.1‑215
Fees 23‑3.1‑216
Investment of funds 23‑3.1‑217
Proceeds as trust funds 23‑3.1‑217.5
Claims of creditors - exemption 23‑3.1‑218
Agreement of the state not to limit or alter rights of obligees 23‑3.1‑219
Enforcement of rights of bondholders 23‑3.1‑220
Bonds eligible for investment 23‑3.1‑221
Account of activities - receipts for expenditures - report - audit 23‑3.1‑222
Federal social security act 23‑3.1‑223
Powers of authority not restricted 23‑3.1‑224
Contract powers of state-supported institutions of higher education - nonliability of state 23‑3.1‑225
Confidentiality of records 23‑3.1‑226
Policies for promotion and disclosure of program information 23‑3.1‑301
Legislative declaration 23‑3.1‑302
Definitions 23‑3.1‑303
Department - purpose - powers - duties 23‑3.1‑304
Authority - purpose - powers - duties 23‑3.1‑305
Financial institutions - managers - purpose - selection - requirements - contracts 23‑3.1‑306
Accounts - contributions - withdrawals - penalties - statements 23‑3.1‑306.5
College kickstarter account program - funding - administration - financial literacy course - rules - legislative declaration - definitions 23‑3.1‑307
Limitations 23‑3.1‑307.1
Personal liability 23‑3.1‑307.3
Proceeds as trust funds 23‑3.1‑307.4
Claims of creditors - exemption 23‑3.1‑307.5
Confidentiality of records 23‑3.1‑307.9
Policies for promotion and disclosure of program information 23‑3.1‑308
Residency 23‑3.1‑309
Tax exemption 23‑3.1‑311
Achieving a better life experience (ABLE) savings program - establishment - authority - powers - duties
Green check means up to date. Up to date

Current through Fall 2024

§ 23-3.1-102’s source at colorado​.gov