Sec. 151. DEFINITIONS
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/statute-compilations/comps-765/sec-151A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 151 DEFINITIONS **[**[20 U.S.C. 1019](/us/usc/t20/s1019)**]** In this part: ####
(1)Agent The term “**agent**” means an officer or employee of a covered institution or an institution-affiliated organization. ####
(2)Covered institution The term “**covered institution**” means any institution of higher education, as such term is defined in section 102, that receives any Federal funding or assistance. ####
(3)Education loan The term “**education loan**” (except when used as part of the term “**private education loan**”) means— #####
(A)any loan made, insured, or guaranteed under part B of title IV; #####
(B)any loan made under part D of title IV; or #####
(C)a private education loan. ####
(4)Eligible lender The term “**eligible lender**” has the meaning given such term in section 435(d). ####
(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 title IV, an eligible lender; ######
(ii)in the case of any loan issued or provided to a student under part D of title IV, the Secretary; and ######
(iii)in the case of a private education loan, a private educational lender as defined in section 140 of the Truth in Lending Act; and #####
(B)includes any other person engaged in the business of securing, making, or extending education loans on behalf of the lender. ####
(7)Officer The term “**officer**” includes a director or trustee of a covered institution or institution-affiliated organization, if such individual is treated as an employee of such covered institution or institution-affiliated organization, respectively. ####
(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 title IV; or ######
(ii)arrangements or agreements with respect to loans that originate through the auction pilot program under section 499(b). ####
(9)Private education loan The term “**private education loan**” has the meaning given the term in section 140 of the Truth in Lending Act.
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U.S. Code