California Law (Last Updated: March 4, 2014) |
Education Code - EDC |
Title 3. POSTSECONDARY EDUCATION |
Division 10. PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS |
Part 59. PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS |
Chapter 8. Private Postsecondary Institutions |
ARTICLE 3. Definitions |
Section 94829.
Latest version.
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"Default" means failure of a borrower and endorser, if any, to make an installment payment for a loan received under the federal student financial aid programs when due, or to meet other terms of the promissory note, provided that this failure persists for 270 days if payment is due monthly or 360 days if payment is due less frequently.
(Added by Stats. 2009, Ch. 310, Sec. 6. Effective January 1, 2010. Repealed as of January 1, 2015, pursuant to Section 94950.)