In this chapter, the following terms have the meanings indicated. Terms Defined. “Adjusted gross tuition and fees” means all revenues received on a cash or accrual accounting basis, less any refunds paid to students, for tuition and fees for all instructional programs or courses enrolled in by students, except for charges for materials, supplies, and books that have been purchased by, and are the property of, a student. “Assessment year” means a 12-month period from July 1 through June 30 in which the Secretary may levy assessments on for-profit institutions of higher education as provided in this chapter. “Commission” means the Maryland Higher Education Commission. Discharge. “Discharge” means the release of a borrower from the obligation to repay his or her loan for any reason. “Discharge” includes, but is not limited to: Loan forgiveness; A discharge through the Closed School Discharge program or the Borrower Defense to Repayment program of the USED; and Loan forgiveness or discharge through the federal Department of Veterans Affairs, federal Department of Defense, or any other federal agency. “Financial guarantee” means a performance bond, or irrevocable letter of credit, in the form and amount the Secretary requires. “For-profit institution of higher education” has the meaning stated in Education Article, §10-101, Annotated Code of Maryland. “Fund” means the Maryland Guaranty Student Tuition Fund for For-profit Institutions of Higher Education. Lender. “Lender” means an entity, institution, or government that lends funds to a student, or on behalf of a student, to pay for charges for tuition or fees. “Lender” includes: A bank, mutual savings bank, savings and loan association, or credit union that is subject to examination and supervision in its capacity as a lender by an agency of the United States or of the state in which its principal place of operation is located; A pension fund that is subject to examination and supervision by an agency of the United States or a state; An insurance company that is subject to examination and supervision by an agency of the United States or a state; In any state, a single agency of the state or a single private nonprofit agency designated by the state to lend funds to a student or manage student loan debt; For purposes of purchasing and holding loans made by other lenders, a student loan marketing association or an agency of any state or the federal government functioning as a secondary market; or The USED, federal Department of Veterans Affairs, federal Department of Defense, and any other federal agency. “Loan servicer” means an entity that collects payments, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a student loan on behalf of a lender. “Non-Title IV adjusted gross tuition and fees” means a school’s adjusted gross tuition and fees minus the amount of Title IV federal financial aid received by the school on behalf of its students. “School” means a for-profit institution of higher education that has received a certificate of approval from the Commission. “Secretary” means the Maryland Secretary of Higher Education. “Student” means an individual who resided in Maryland at the time the individual was enrolled in a school. “Student records” means: A student’s academic record; A student’s account ledger; Evidence of compliance with the school’s admissions requirements; Credit granted for previous academic work; Date of admission, start dates, and withdrawal or completion dates; Reasons for withdrawals, when known; Student transcripts indicating achievements; Tuition and financial aid records, when applicable; and Any other information usually required by institutions of postsecondary education when considering a student for transfer, acceptance of credit, or advanced study. Tuition and Fees “Tuition and fees” means all funds paid by or on behalf of a student for charges assessed by a school for providing an instructional program or course. “Tuition and fees” includes charges assessed for the use of equipment, materials, or supplies that are assessed against all students in the same course or program. “Tuition and fees” does not include charges for materials, supplies, or books that have been purchased by, and are the property of, the student. “USED” means the United States Department of Education.