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excepted consolidation loan

Defined in 1 dictionary — U.S. Code

United States Code

20 U.S.C. § 1098E — in this section (7 versions over time)

The term “excepted consolidation loan” means—

(i) a consolidation loan under section 1078–3 of this title, or a Federal Direct Consolidation Loan, if the proceeds of such loan were used to discharge the liability on an excepted PLUS loan; or

(ii) a consolidation loan under section 1078–3 of this title, or a Federal Direct Consolidation Loan, if the proceeds of such loan were used to discharge the liability on a consolidation loan under section 1078–3 of this title, or a Federal Direct Consolidation Loan described in clause (i).