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.
2018, cc. 489, 755.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 2 - State Council of Higher Education for Virginia
§ 23.1-201. Student advisory committee
§ 23.1-202. Employment of director and other personnel
§ 23.1-204.1. Postgraduation employment rates
§ 23.1-205. Authority to carry out federal requirements
§ 23.1-206. Assessments of the performance of public institutions of higher education
§ 23.1-207. Tuition relief and refunds and reinstatement for certain students in the Armed Forces
§ 23.1-208. Budget requests and recommendations
§ 23.1-209. Reports of expenditures of state funds
§ 23.1-214. Certified mail; subsequent mail or notices may be sent by regular mail
§ 23.1-216. Career College Advisory Board established
§ 23.1-217. Certification required
§ 23.1-218. List of postsecondary schools holding valid certification
§ 23.1-219. Council certification; requirements and prohibitions
§ 23.1-220. Approval procedures
§ 23.1-221. Refusal, suspension, and revocation of approval or certification
§ 23.1-223. Preservation of students' records
§ 23.1-227. Laws of the Commonwealth to apply to contracts
§ 23.1-228. Violations; penalties; remedies
§ 23.1-229. Postsecondary school closure procedures
§ 23.1-230. Enrollment agreements required
§ 23.1-232. Office of the Qualified Education Loan Ombudsman established; duties
§ 23.1-233. Qualified education loan borrower education course
§ 23.1-233.1. Qualified education loans; certain providers; contact information and summary