II 

110TH CONGRESS 

1ST SESSION S. 486 

To establish requirements for lenders and institutions of higher education 

in order to protect students and other borrowers receiving educational loans. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 1, 2007 

Mr. KENNEDY (for himself, Mr. DURBIN, Mrs. CLINTON, Mr. HARKIN, Mr. 

ROCKEFELLER, Mr. KERRY, and Mr. SCHUMER) introduced the following 

bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions 

A BILL 

To establish requirements for lenders and institutions of 

higher education in order to protect students and other 

borrowers receiving educational loans. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Student Loan Sun5 shine Act’’. 


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1 SEC. 2. INSTITUTION AND LENDER REPORTING AND DIS2 CLOSURE REQUIREMENTS. 

3 Title I of the Higher Education Act of 1965 (20 

4 U.S.C. 1001 et seq.) is amended by adding at the end 

5 the following: 

6 ‘‘PART E—LENDER AND INSTITUTION REQUIRE7 MENTS RELATING TO EDUCATIONAL LOANS 

8 ‘‘SEC. 151. DEFINITIONS. 

9 ‘‘In this part: 

10 ‘‘(1) COVERED INSTITUTION.—The term ‘cov11 ered institution’— 

12 ‘‘(A) means any educational institution 

13 that offers a postsecondary educational degree, 

14 certificate, or program of study (including any 

15 institution of higher education, as such term is 

16 defined in section 102) and receives any Fed17 eral funding or assistance; and 

18 ‘‘(B) includes an agent of the educational 

19 institution (including an alumni association, 

20 booster club, or other organization directly or 

21 indirectly associated with such institution) or 

22 employee of such institution. 

23 ‘‘(2) EDUCATIONAL LOAN.—The term ‘edu24 cational loan’ (except when used as part of the term 

25 ‘private educational loan’) means— 


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1 ‘‘(A) any loan made, insured, or guaran2 teed under title IV; or 

3 ‘‘(B) a private educational loan (as defined 

4 in paragraph (5)). 

5 ‘‘(3) EDUCATIONAL LOAN ARRANGEMENT.— 

6 ‘‘The term ‘educational loan arrangement’ 

7 means an arrangement or agreement between a 

8 lender and a covered institution— 

9 ‘‘(A) under which arrangement or agree10 ment a lender provides or otherwise issues edu11 cational loans to the students attending the cov12 ered institution or the parents of such students; 

13 and 

14 ‘‘(B) which arrangement or agreement— 

15 ‘‘(i) relates to the covered institution 

16 recommending, promoting, endorsing, or 

17 using the loan product of the lender; and 

18 ‘‘(ii) involves the payment of any fee 

19 or provision of other material benefit by 

20 the lender to the institution or to groups of 

21 students who attend the institution. 

22 ‘‘(4) LENDER.— 

23 ‘‘(A) IN GENERAL.—The term ‘lender’— 

24 ‘‘(i) means a creditor, except that 

25 such term shall not include an issuer of 


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1 credit under a residential mortgage trans2 action; and 

3 ‘‘(ii) includes an agent of a lender. 

4 ‘‘(B) INCORPORATION OF TILA DEFINI5 TIONS.—The terms ‘creditor’ and ‘residential 

6 mortgage transaction’ have the meanings given 

7 such terms in section 103 of the Truth in 

8 Lending Act (15 U.S.C. 1602). 

9 ‘‘(5) PRIVATE EDUCATIONAL LOAN.—The term 

10 ‘private educational loan’ means a private loan pro11 vided by a lender that— 

12 ‘‘(A) is not made, insured, or guaranteed 

13 under title IV; and 

14 ‘‘(B) is issued by a lender for postsec15 ondary educational expenses to a student, or 

16 the parent of the student, regardless of whether 

17 the loan is provided through the educational in18 stitution that the student attends or directly to 

19 the student or parent from the lender. 

20 ‘‘(6) POSTSECONDARY EDUCATIONAL EX21 PENSES.—The term ‘postsecondary educational ex22 penses’ means any of the expenses that are included 

23 as part of a student’s cost of attendance, as defined 

24 under section 472. 


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1 ‘‘SEC. 152. REQUIREMENTS FOR LENDERS AND INSTITU2 TIONS PARTICIPATING IN EDUCATIONAL 

3 LOAN ARRANGEMENTS. 

4 ‘‘(a) REPORTING FOR LENDERS.—In addition to any 

5 other disclosure required under Federal law, each lender 

6 that participates in 1 or more educational loan arrange7 ments shall prepare and submit to the Secretary (at a time 

8 to be determined by the Secretary) an annual report that 

9 includes, with respect to each educational loan arrange10 ment, the following: 

11 ‘‘(1) The date on which the arrangement was 

12 entered into and the period for which the arrange13 ment applies. 

14 ‘‘(2) A summary of the terms of the arrange15 ment related to the marketing, recommending, en16 dorsing, or use of, the loans. 

17 ‘‘(3) The full details of any aspect of the ar18 rangement relating to the covered institution issuing 

19 loans and the lender (or a financial partner of the 

20 lender) servicing or purchasing such loans. 

21 ‘‘(4) A summary of any direct or indirect ben22 efit provided or paid to any party in connection with 

23 the arrangement. 

24 ‘‘(b) PROVISION OF LOAN INFORMATION.—A lender 

25 may not provide a private educational loan to a student 

26 attending a covered institution with which the lender has 


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1 an educational loan arrangement, or the parent of such 

2 student, until the covered institution has informed the stu3 dent or parent of their remaining options for borrowing 

4 under title IV, including information on any terms and 

5 conditions of available loans under such title that are more 

6 favorable to the borrower. 

7 ‘‘(c) USE OF INSTITUTION NAME.— 

8 ‘‘(1) IN GENERAL.—A covered institution that 

9 has entered into an educational loan arrangement 

10 with a lender regarding private educational loans 

11 shall not allow the lender to use the name, emblem, 

12 mascot, or logo of the institution, or other words, 

13 pictures, or symbols readily identified with the insti14 tution, in the marketing of private educational loans 

15 to the students attending the institution in any way 

16 that implies that the institution endorses the private 

17 educational loans offered by the lender. 

18 ‘‘(2) APPLICABILITY.—Paragraph (1) shall 

19 apply to any educational loan arrangement, or exten20 sion of such arrangement, entered into or renewed 

21 after the date of enactment of the Student Loan 

22 Sunshine Act. 


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1 ‘‘SEC. 153. INTEREST RATE REPORT FOR INSTITUTIONS 

2 AND LENDERS PARTICIPATING IN EDU3 CATIONAL LOAN ARRANGEMENTS. 

4 ‘‘(a) SECRETARY DUTIES.— 

5 ‘‘(1) REPORT AND MODEL FORMAT.—Not later 

6 than 180 days after the date of enactment of the 

7 Student Loan Sunshine Act, the Secretary shall— 

8 ‘‘(A) prepare a report on the adequacy of 

9 the information provided to students and the 

10 parents of such students about educational 

11 loans (including loans made, insured, or guar12 anteed under title IV and private educational 

13 loans), after consulting with students, rep14 resentatives of covered institutions (including fi15 nancial aid administrators, registrars, and busi16 ness officers), lenders (including lenders of pri17 vate educational loans), loan servicers, and 

18 guaranty agencies; 

19 ‘‘(B) include in the report a model format, 

20 based on the report’s findings, to be used by 

21 lenders and covered institutions in carrying out 

22 subsections (b) and (c)— 

23 ‘‘(i) that provides information on the 

24 applicable interest rates and other terms 

25 and conditions of the educational loans 

26 provided by a lender to students attending 


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1 the institution, or the parents of such stu2 dents, disaggregated by each type of edu3 cational loans provided to such students or 

4 parents by the lender, including— 

5 ‘‘(I) the interest rate and terms 

6 and conditions of the loans offered by 

7 the lender for the upcoming academic 

8 year; 

9 ‘‘(II) with respect to such loans, 

10 any benefits that are contingent on 

11 the repayment behavior of the bor12 rower; 

13 ‘‘(III) the annual percentage rate 

14 for such loans, based on the actual 

15 disbursed amount of the loan; 

16 ‘‘(IV) the average amount bor17 rowed from the lender by students en18 rolled in the institution who obtain 

19 loans of such type from the lender for 

20 the preceding academic year; and 

21 ‘‘(V) the average interest rate on 

22 such loans provided to such students 

23 for the preceding academic year; and 


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1 ‘‘(ii) which format shall be easily usa2 ble by lenders, institutions, guaranty agen3 cies, and loan servicers; and 

4 ‘‘(C)(i) submit the report and model for5 mat to the Committee on Health, Education, 

6 Labor, and Pensions of the Senate and the 

7 Committee on Education and Labor of the 

8 House of Representatives; and 

9 ‘‘(ii) make the report and model format 

10 available to covered institutions, lenders, and 

11 the public. 

12 ‘‘(2) FORMAT UPDATE.—Not later than 1 year 

13 after the submission of the report and model format 

14 described in paragraph (1), the Secretary shall— 

15 ‘‘(A) assess the adequacy of the model for16 mat included in the report; 

17 ‘‘(B) after consulting with students, rep18 resentatives of covered institutions (including fi19 nancial aid administrators, registrars, and busi20 ness officers), lenders (including lenders of pri21 vate educational loans), loan servicers, and 

22 guaranty agencies— 

23 ‘‘(i) prepare a list of any improve24 ments to the model format that have been 

25 identified as beneficial to borrowers; and 


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1 ‘‘(ii) update the model format after 

2 taking such improvements into consider3 ation; and 

4 ‘‘(C)(i) submit the list of improvements 

5 and updated model format to the Committee on 

6 Health, Education, Labor, and Pensions of the 

7 Senate and the Committee on Education and 

8 Labor of the House of Representatives; and 

9 ‘‘(ii) make the list of improvements and 

10 updated model format available to covered insti11 tutions, lenders, and the public. 

12 ‘‘(3) USE OF FORM.—The Secretary shall take 

13 such steps as necessary to make the model format, 

14 and any updated model format, available to covered 

15 institutions and to encourage— 

16 ‘‘(A) lenders subject to subsection (b) to 

17 use the model format or updated model format 

18 (if available) in providing the information re19 quired under subsection (b); and 

20 ‘‘(B) covered institutions to use such for21 mat in preparing the information report under 

22 subsection (c). 

23 ‘‘(b) LENDER DUTIES.—Each lender that has an 

24 educational loan arrangement with a covered institution 

25 shall annually, by a date determined by the Secretary, proVerDate Aug 31 2005 04:23 Feb 03, 2007 Jkt 059200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\S486.IS S486

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1 vide to the covered institution and to the Secretary the 

2 information included on the model format or an updated 

3 model format (if available) for each type of educational 

4 loan provided by the lender to students attending the cov5 ered institution, or the parents of such students, for the 

6 preceding academic year. 

7 ‘‘(c) COVERED INSTITUTION DUTIES.—Each covered 

8 institution shall— 

9 ‘‘(1) prepare and submit to the Secretary an 

10 annual report, by a date determined by the Sec11 retary, that includes, for each lender that has an 

12 educational loan arrangement with the covered insti13 tution and that has submitted to the institution the 

14 information required under subsection (b)— 

15 ‘‘(A) the information included on the 

16 model format or updated model format (if avail17 able) for each type of educational loan provided 

18 by the lender to students attending the covered 

19 institution, or the parents of such students; and 

20 ‘‘(B) a detailed explanation of why the cov21 ered institution believes the terms and condi22 tions of each type of educational loan provided 

23 pursuant to the agreement are beneficial for 

24 students attending the covered institution, or 

25 the parents of such students; and 


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1 ‘‘(2) ensure that the report required under 

2 paragraph (1) is made available to the public and 

3 provided to students attending or planning to attend 

4 the covered institution, and the parents of such stu5 dents, in time for the student or parent to take such 

6 information into account before applying for or se7 lecting an educational loan. 

8 ‘‘SEC. 154. PRIVATE EDUCATIONAL LOAN DISCLOSURE RE9 QUIREMENTS FOR COVERED INSTITUTIONS. 

10 ‘‘A covered institution that provides information to 

11 any student, or the parent of such student, regarding a 

12 private educational loan from a lender shall, prior to or 

13 concurrent with such information— 

14 ‘‘(1) inform the student or parent of— 

15 ‘‘(A) the student or parent’s eligibility for 

16 assistance and loans under title IV; and 

17 ‘‘(B) the terms and conditions of such pri18 vate educational loan that are less favorable 

19 than the terms and conditions of educational 

20 loans for which the student or parent is eligible, 

21 including interest rates, repayment options, and 

22 loan forgiveness; and 

23 ‘‘(2) ensure that information regarding such 

24 private educational loans is presented in such a 

25 manner as to be distinct from information regarding 


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1 loans that are made, insured, or guaranteed under 

2 title IV. 

3 ‘‘SEC. 155. GIFT BAN FOR EMPLOYEES OF INSTITUTIONS. 

4 ‘‘(a) GIFT BAN.—A lender or guarantor of edu5 cational loans shall not offer any gift to an employee or 

6 agent of a covered institution. 

7 ‘‘(b) REPORTS OF GIFT BAN VIOLATIONS.— 

8 ‘‘(1) EMPLOYEE REPORT.—Each employee or 

9 agent of a covered institution shall report to the In10 spector General of the Department of Education any 

11 instance of a lender or guarantor of educational 

12 loans (including an agent of the lender or guarantor) 

13 that attempts to give a gift to the employee or agent 

14 in violation of subsection (a). 

15 ‘‘(2) INSPECTOR GENERAL REPORT.—The In16 spector General of the Department of Education 

17 shall investigate any reported violation of this sub18 section and shall annually submit a report to the 

19 Committee on Health, Education, Labor, and Pen20 sions of the Senate and the Committee on Education 

21 and Labor of the House of Representatives identi22 fying all reported violations of the gift ban under 

23 subsection (a), including the lenders involved in each 

24 such violation, for the preceding year. 

25 ‘‘(c) DEFINITION OF GIFT.— 


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1 ‘‘(1) IN GENERAL.—In this section, the term 

2 ‘gift’ means any gratuity, favor, discount, entertain3 ment, hospitality, loan, or other item having a mone4 tary value of more than $10. The term includes a 

5 gift of services, transportation, lodging, or meals, 

6 whether provided in kind, by purchase of a ticket, 

7 payment in advance, or reimbursement after the ex8 pense has been incurred. 

9 ‘‘(2) EXCEPTIONS.—The term ‘gift’ shall not 

10 include any of the following: 

11 ‘‘(A) Standard informational material re12 lated to a loan, such as a brochure. 

13 ‘‘(B) Food, refreshments, training, or in14 formational material furnished to an employee 

15 or agent of an institution as an integral part of 

16 a training session or through participation in 

17 an advisory council that is designed to improve 

18 the lender’s service to the covered institution, if 

19 such training or participation contributes to the 

20 professional development of the employee or 

21 agent of the institution. 

22 ‘‘(C) Favorable terms, conditions, and bor23 rower benefits on an educational loan provided 

24 to a student employed by the covered institu25 tion. 


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1 ‘‘(3) RULE FOR GIFTS TO FAMILY MEMBERS.— 

2 For purposes of this section, a gift to a family mem3 ber of an employee or an agent of a covered institu4 tion, or a gift to any other individual based on that 

5 individual’s relationship with the employee or agent, 

6 shall be considered a gift to the employee or agent 

7 if— 

8 ‘‘(A) the gift is given with the knowledge 

9 and acquiescence of the employee or agent; and 

10 ‘‘(B) the employee or agent has reason to 

11 believe the gift was given because of the official 

12 position of the employee or agent. 

13 ‘‘SEC. 156. COMPLIANCE AND ENFORCEMENT. 

14 ‘‘(a) CONDITION OF ANY FEDERAL ASSISTANCE.— 

15 Notwithstanding any other provision of law, a covered in16 stitution or lender shall comply with this part as a condi17 tion of receiving Federal funds or assistance provided after 

18 the date of enactment of the Student Loan Sunshine Act. 

19 ‘‘(b) PENALTIES.—Notwithstanding any other provi20 sion of law, if the Secretary determines, after providing 

21 notice and an opportunity for a hearing for a covered insti22 tution or lender, that the covered institution or lender has 

23 violated subsection (a)— 

24 ‘‘(1) in the case of a covered institution, or a 

25 lender that does not participate in a loan program 


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1 under title IV, the Secretary may impose a civil pen2 alty in an amount of not more than $25,000; and 

3 ‘‘(2) in the case of a lender that does partici4 pate in a program under title IV, the Secretary may 

5 limit, terminate or suspend the lender’s participation 

6 in such program. 

7 ‘‘(c) CONSIDERATIONS.—In taking any action against 

8 a covered institution or lender under subsection (b), the 

9 Secretary shall take into consideration the nature and se10 verity of the violation of subsection (a). 

11 ‘‘SEC. 157. GAO STUDY AND REPORTS. 

12 ‘‘(a) STUDY.—The Comptroller General of the United 

13 States shall conduct a study on— 

14 ‘‘(1) the gifts or financial or other material ben15 efits that are provided by lenders to covered institu16 tions to secure, or as part of an effort to secure, the 

17 covered institutions’ educational loan business; 

18 ‘‘(2) the extent to which lenders issuing private 

19 educational loans may be inappropriately using in20 ducements to secure, or as part of an effort to se21 cure, educational loan arrangements with covered in22 stitutions; and 

23 ‘‘(3) whether educational loans made to stu24 dents attending a covered institution in connection 

25 with an educational loan arrangement, and private 


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1 educational loans made directly to students, provide 

2 competitive interest rates, terms, and conditions to 

3 students who obtain such loans. 

4 ‘‘(b) REPORTS.—The Comptroller General of the 

5 United States shall— 

6 ‘‘(1) not later than 1 year after the date of en7 actment of the Student Loan Sunshine Act, submit 

8 to Congress a preliminary report regarding the find9 ings of the study described in subsection (a); and 

10 ‘‘(2) not later than 2 years after such date of 

11 enactment, submit to Congress a final report regard12 ing such findings.’’. 

13 SEC. 3. PROGRAM PARTICIPATION AGREEMENTS. 

14 Section 487(a) of the Higher Education Act of 1965 

15 (20 U.S.C. 1094(a)) is amended by adding at the end the 

16 following: 

17 ‘‘(24)(A) In the case of an institution (including 

18 an employee or agent of an institution) that main19 tains a preferred lender list, in print or any other 

20 medium, through which the institution recommends 

21 1 or more specific lenders for loans made under part 

22 B to the students attending the institution (or the 

23 parents of such students), the institution will— 

24 ‘‘(i) clearly and fully disclose on the pre25 ferred lender list— 


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1 ‘‘(I) why the institution has included 

2 each lender as a preferred lender, espe3 cially with respect to terms and conditions 

4 favorable to the borrower; and 

5 ‘‘(II) that the students attending the 

6 institution (or the parents of such stu7 dents) do not have to borrow from a lender 

8 on the preferred lender list; 

9 ‘‘(ii) ensure, through the use of the list 

10 provided by the Secretary under subparagraph 

11 (C), that— 

12 ‘‘(I) there are not less than 3 lenders 

13 named on the preferred lending list that 

14 are not affiliates of each other; and 

15 ‘‘(II) the preferred lender list— 

16 ‘‘(aa) specifically indicates, for 

17 each lender on the list, whether the 

18 lender is or is not an affiliate of each 

19 other lender on the list; and 

20 ‘‘(bb) if the lender is an affiliate 

21 of another lender on the list, describes 

22 the specifics of such affiliation; and 

23 ‘‘(iii) establish a process to ensure that 

24 lenders are placed upon the preferred lender list 


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1 on the basis of the benefits provided to bor2 rowers, including — 

3 ‘‘(I) highly competitive interest rates, 

4 terms, or conditions for loans made under 

5 part B; 

6 ‘‘(II) high-quality servicing for such 

7 loans; or 

8 ‘‘(III) additional benefits beyond the 

9 standard terms and conditions for such 

10 loans. 

11 ‘‘(B) For the purposes of subparagraph 

12 (A)(ii)— 

13 ‘‘(i) the term ‘affiliate’ means a person 

14 that controls, is controlled by, or is under com15 mon control with another person; and 

16 ‘‘(ii) a person has control over another per17 son if— 

18 ‘‘(I) the person directly or indirectly, 

19 or acting through 1 or more others, owns, 

20 controls, or has the power to vote 5 per21 cent or more of any class of voting securi22 ties of such other person; 

23 ‘‘(II) the person controls, in any man24 ner, the election of a majority of the direc25 tors or trustees of such other person; or 


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1 ‘‘(III) the Secretary determines (after 

2 notice and opportunity for a hearing) that 

3 the person directly or indirectly exercises a 

4 controlling interest over the management 

5 or policies of such other person. 

6 ‘‘(C) The Secretary shall maintain and update 

7 a list of lender affiliates of all eligible lenders, and 

8 shall provide such list to the eligible institutions for 

9 use in carrying out subparagraph (A).’’. 

10 SEC. 4. NOTICE OF AVAILABILITY OF FUNDS FROM FED11 ERAL SOURCES. 

12 Section 128 of the Truth in Lending Act (15 U.S.C. 

13 1638) is amended by adding at the end the following: 

14 ‘‘(e) DISCLOSURES RELATING TO PRIVATE EDU15 CATIONAL LOANS.— 

16 ‘‘(1) IN GENERAL.—In the case of an extension 

17 of credit that is a private educational loan, other 

18 than a residential mortgage transaction, the creditor 

19 shall provide in every application for such extensions 

20 of credit and together with any solicitation, mar21 keting, or advertisement of such extensions of credit, 

22 written, electronic, or otherwise, the disclosures de23 scribed in paragraph (2). 


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1 ‘‘(2) DISCLOSURES.—Disclosures required by 

2 this subsection shall include a clear and prominent 

3 statement— 

4 ‘‘(A) that the borrower may qualify for 

5 Federal financial assistance through a program 

6 under title IV of the Higher Education Act of 

7 1965, in lieu of or in addition to a loan from 

8 a non-Federal source; 

9 ‘‘(B) of the interest rates available with re10 spect to such Federal financial assistance; 

11 ‘‘(C) describing how the applicable interest 

12 rate is determined, including whether it is based 

13 on the credit score of the borrower; 

14 ‘‘(D) showing sample loan costs, 

15 disaggregated by type; 

16 ‘‘(E) of the types of repayment plans that 

17 are available; 

18 ‘‘(F) of whether, and under what condi19 tions, early repayment may be made without 

20 penalty; 

21 ‘‘(G) of when and how often the loan 

22 would be recapitalized; 

23 ‘‘(H) describing all fees, deferments, or 

24 forbearance; 


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1 ‘‘(I) describing all available repayment 

2 benefits, and the percentage of all borrowers 

3 who qualify for such benefits; 

4 ‘‘(J) describing collection practices in the 

5 case of default; 

6 ‘‘(K) describing late payment penalties and 

7 associated fees; 

8 ‘‘(L) of any complaints (and their resolu9 tion) filed with any State or private consumer 

10 protection agency (including the Better Busi11 ness Bureau); and 

12 ‘‘(M) such other information as the Board 

13 may require. 

14 ‘‘(3) PROVISION OF INFORMATION.—Before a 

15 creditor may issue any funds with respect to an ex16 tension of credit described in paragraph (1) for an 

17 amount equal to more than $1,000— 

18 ‘‘(A) the creditor shall notify the relevant 

19 postsecondary educational institution, in writ20 ing, of the proposed extension of credit and the 

21 amount thereof; and 

22 ‘‘(B) if such relevant institution is a cov23 ered institution, the institution shall, in an ex24 pedient manner, notify the prospective bor25 rower, in accordance with procedures estabVerDate Aug 31 2005 04:23 Feb 03, 2007 Jkt 059200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6201 E:\BILLS\S486.IS S486

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1 lished by rule of the Board, whether and to 

2 what extent the proposed extension of credit ex3 ceeds the cost of attendance (as defined in sec4 tion 472 of the Higher Education Act of 1965) 

5 for the student at that institution, after consid6 eration of the Federal and State grant and loan 

7 aid and institutional aid that the student has or 

8 is eligible to receive. 

9 ‘‘(4) REGULATORY AUTHORITY.—The Board— 

10 ‘‘(A) shall issue such rules and regulations 

11 as may be necessary to implement this sub12 section; and 

13 ‘‘(B) may, by rule, establish appropriate 

14 exceptions to the disclosures required by this 

15 subsection. 

16 ‘‘(5) DEFINITIONS.—As used in this subsection, 

17 the terms ‘private educational loan’ and ‘covered in18 stitution’ have the same meanings as in section 151 

19 of the Higher Education Act of 1965.’’. 

Æ 


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