Private Education Loan Law and Legal Definition

Pursuant to 15 USCS § 1650 (7), [Title 15. Commerce and Trade; Chapter 41. Consumer Credit Protection; Consumer Credit Cost Disclosure; Credit Transactions] the term private education loan--

“(A) means a loan provided by a private educational lender that--

(i) is not made, insured, or guaranteed under of title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.); and

(ii) is issued expressly for postsecondary educational expenses to a borrower, regardless of whether the loan is provided through the educational institution that the subject student attends or directly to the borrower from the private educational lender; and

(B) does not include an extension of credit under an open end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling.”