(1) For purposes of this chapter, the following words shall be defined as follows unless the context requires otherwise:

(a) “Eligible applicant or eligible student” means an individual who completes an application by the published application deadline for a given student financial assistance program, meets all initial or continuing eligibility requirements for the program and enrolls in an approved institution for the given program.

(b) “Approved institution” means an institution of higher learning, public or private, which is accredited by the Southern Association of Colleges and Secondary Schools, or its equivalent or a business, vocational, technical or other specialized school recognized and approved by the Postsecondary Education Financial Assistance Board.

(c) “Board” means the Postsecondary Education Financial Assistance Board created by Section 37-106-9 authorized and empowered to administer the provisions of this chapter.

(d) “Financial need” means anticipated expenses of an eligible student while attending an approved institution which cannot reasonably be met by said student or by the parents thereof as shall be determined according to the criteria established by the rules and regulations of the board. Financial need shall be reevaluated and redetermined at least annually.

(e) “Agency” means the Board of Trustees of State Institutions of Higher Learning.

(f) “Renewal applicant or renewal student” means a student who previously received funding for a given program.

(g) “Resident,” “resident status” or “residency” shall be defined and determined in the same manner as resident status for tuition purposes as set forth in Sections 37-103-1 through 37-103-29, with the exception of Section 37-103-17. Unless excepted by the rules of a given program, an applicant must be a Mississippi resident to qualify for financial assistance under this chapter.

(h) “Dependent” shall be defined and used in the same manner as the term “minor” in Sections 37-103-1 through 37-103-29. The board will follow the federal guidelines for classifying a student as “dependent” or “independent.”