§1019 Definitions

Summary

Defines key words used for rules about student loans and schools. Agent — an officer or employee who works for a covered institution or an organization linked to that institution. Covered institution — any college or university that gets Federal funding, as defined in section 1002 of this title. Education loan — covers three kinds: loans under part B of subchapter IV (made, insured, or guaranteed), loans under part D of subchapter IV, and private education loans. Eligible lender — means whatever is said in section 1085(d) of this title. Institution-affiliated organization — an organization tied to a covered school that recommends or promotes loans to the school’s students or their families (examples: alumni groups, athletic groups, foundations), but it does not include a lender when that lender itself makes or extends the loan. Lender — depends on the loan: for part B loans, an eligible lender; for part D loans, the Secretary; for private education loans, a private educational lender as defined in section 1650 of title 15; and it also includes people who do loan work on the lender’s behalf. Officer — includes a director or trustee if that person is treated as an employee. Preferred lender arrangement — an agreement where a lender issues loans and the school or a tied organization recommends or promotes that lender’s loan products; it does not cover arrangements for loans under part D or loans from the auction pilot in section 1099d(b). Private education loan — has the meaning given in section 1650 of title 15.