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<strong>Notice of Loan Approval (NOLA)</strong> – A paper copy of the MDHE' s loan guarantee statement which schools may receive if profiled for this service.

<strong>SAY</strong> – Scheduled Academic Year. The fixed period, as published in a school' s printed materials, that generally begins and ends at the same time each year. The SAY is the period to which the statutory definition of an academic year must be applied and must meet the statutory requirements of an academic year as defined by the U.S. Department of Education.

central bank independence (E5)<br />The conduct of MONETARY POLICY by a CENTRAL BANK, independent of governmental control through its Treasury. This has long been true of the USA with its FEDERAL RESERVE SYSTEM, and of the UK since 1997.<br /><em>See also:</em> Monetary Policy Committee

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