12 2 STA T .3480PUBLIC LA W 110 – 31 5— AU G .14 , 2008 ‘ ‘ (i ii )favor a blet er ms,c o nd itions, and borro w er benefits on a p rivate ed u cation loan provided to a student emplo y edbyt h e covered educational institu - tion, if such terms, conditions, or benefits are not pro- vided because of the student ’ s employment with the covered educational institution
‘‘(iv) the provision of financial literacy counselin g or services, including counseling or services provided in coordination with a covered educational institution, tothee x tent that such counseling or services are not underta k en to secure — ‘‘( I ) applications for private education loans or private education loan volume; ‘‘(II) applications or loan volume for any loan made, insured, or guaranteed under title I V of the H igher E ducation A ct of 1965 ( 20U.S . C .10 7 0 et se q .); or ‘‘(III) the purchase of a product or service of a specific private educational lender; ‘‘(v) philanthropic contributions to a covered edu- cational institution from a private educational lender that are unrelated to private education loans and are not made in exchange for any advantage related to private education loans; or ‘‘(vi) State education grants, scholarships, or finan- cial aid funds administered by or on behalf of a State; ‘‘( 3 ) the term ‘institution of higher education’ has the same meaning as in section 102 of the Higher Education Act of 1965 (20 U.S.C. 1002); ‘‘( 4 ) the term ‘postsecondary educational expenses’ means any of the expenses that are included as part of the cost of attendance of a student, as defined under section 472 of the Higher Education Act of 1965 (20 U.S.C. 10 8 7ll); ‘‘(5) the term ‘preferred lender arrangement’ has the same meaning as in section 151 of the Higher Education Act of 1965; ‘‘(6) the term ‘private educational lender’ means— ‘‘(A) a financial institution, as defined in section 3 of the F ederal D eposit Insurance Act (12 U.S.C. 1813) that solicits, makes, or extends private education loans; ‘‘( B ) a Federal credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752) that solicits, makes, or extends private education loans; and ‘‘(C) any other person engaged in the business of solic- iting, making, or extending private education loans; ‘‘(7) 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 edu- cational expenses to a borrower, regardless of whether the loan is provided through the educational institution that the sub j ect student attends or directly to the borrower from the private educational lender; and
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