20 USC 1019 - Definitions

U.S Code last checked for updates: Nov 24, 2024

§ 1019.

Definitions

In this part:

(1)

Agent

(2)

Covered institution

(3)

Education loan

(A)

any loan made, insured, or guaranteed under part B of subchapter IV;

(B)

any loan made under part D of subchapter IV; or

(C)

a private education loan.

(4)

Eligible lender

(5)

Institution-affiliated organization

The term “institution-affiliated organization”—

(A)

means any organization that—

(i)

is directly or indirectly related to a covered institution; and

(ii)

is engaged in the practice of recommending, promoting, or endorsing education loans for students attending such covered institution or the families of such students;

(B)

may include an alumni organization, athletic organization, foundation, or social, academic, or professional organization, of a covered institution; and

(C)

notwithstanding subparagraphs (A) and (B), does not include any lender with respect to any education loan secured, made, or extended by such lender.

(6)

Lender

The term “lender” (except when used as part of the terms “eligible lender” and “private educational lender”)—

(A)

means—

(i)

in the case of a loan made, insured, or guaranteed under part B of subchapter IV, an eligible lender;

(ii)

in the case of any loan issued or provided to a student under part D of subchapter IV, the Secretary; and

(iii)

in the case of a private education loan, a private educational lender as defined in section 1650 of title 15; and

(B)

includes any other person engaged in the business of securing, making, or extending education loans on behalf of the lender.

(7)

Officer

(8)

Preferred lender arrangement

The term “preferred lender arrangement”—

(A)

means an arrangement or agreement between a lender and a covered institution or an institution-affiliated organization of such covered institution—

(i)

under which a lender provides or otherwise issues education loans to the students attending such covered institution or the families of such students; and

(ii)

that relates to such covered institution or such institution-affiliated organization recommending, promoting, or endorsing the education loan products of the lender; and

(B)

does not include—

(i)

arrangements or agreements with respect to loans under part D of subchapter IV; or

(ii)

arrangements or agreements with respect to loans that originate through the auction pilot program under section 1099d(b) of this title.

(9)

Private education loan

(Pub. L. 89–329, title I, § 151, as added Pub. L. 110–315, title I, § 120, Aug. 14, 2008, 122 Stat. 3117.)

cite as: 20 USC 1019