§ 23.1-231 — Definitions

Virginia § 23.1-231

• Jurisdiction: Virginia
• Title 23.1: Institutions of Higher Education; Other Educational and Cultural Institutions
• Subtitle I: General Provisions
• Ch. 2: State Council of Higher Education for Virginia
• Art. 4: Office of the Qualified Education Loan Ombudsman

Text

As used in this article, unless the context requires a different meaning:

"Qualified education loan" means any qualified education loan obtained specifically to finance education or other school-related expenses. "Qualified education loan" does not include credit card debt, home equity loan, or revolving debt.

"Qualified education loan borrower" means (i) any current resident of the Commonwealth who has received or agreed to pay a qualified education loan or (ii) any person who shares responsibility with such resident for repaying the qualified education loan.

"Qualified education loan servicer" or "loan servicer" means any person, wherever located, responsible for the servicing of any qualified education loan to any qualified education loan borrower.

"Servicing" means (i) receiving any scheduled periodic payments from a qualified education loan borrower pursuant to the terms of a qualified education loan; (ii) applying the payments of principal and interest and such other payments, with respect to the amounts received from a qualified education loan borrower, as may be required pursuant to the terms of a qualified education loan; and (iii) performing other administrative services with respect to a qualified education loan.

Legislative History

2018, cc. 489, 755.