Definitions for ORS 348.015 and 348.017

As used in this section and ORS 348.017: (1) “Account” means an account that is managed or operated by a third party financial firm and that is opened to facilitate the financial aid refund disbursement process. (2) “Financial aid funds” means financial aid funds under Title IV, Part B, of the Higher Education Act of 1965, as amended, including credit balances. (3) “Financial aid refund disbursement process” means the process of returning to a student the student’s financial aid funds that are in excess of eligible education costs, including but not limited to fees and tuition. (4) “Revenue sharing” means payment from a third party financial firm to a public or private post-secondary institution of education based on the balances or account activity of the accounts offered by the third party financial firm to students enrolled at the public or private post-secondary institution of education. (5) “Third party financial firm” means a company, business or other organization that contracts with a public or private post-secondary institution of education to provide disbursement and management services of financial aid funds, or management of financial accounts, to students enrolled in the public or private post-secondary institution of education.