1. “Private education loan” means an extension of credit that is:
(a) Extended to a consumer expressly, in whole or in part, for postsecondary educational expenses, regardless of whether the loan is provided by the educational institution that the student attends; and
(b) Not made, insured or guaranteed under Title IV of the Higher Education Act of 1965, 20 U.S.C. §§ 1070 et seq.
2. The term does not include an:
(a) Open-end credit or any loan that is secured by real property or a dwelling; or
(b) Extension of credit in which the covered educational institution is the creditor if:
(1) The term of the extension of credit is 90 days or less; or
(2) An interest rate is not applied to the credit balance and the term of the extension of credit is 1 year or less, even if the credit is payable in more than four installments.