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Education/Training Loans

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by Anonymous.
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  • #2614
    Glo9372
    Member

    I know for Education Loans there are special disclosures and requirements involved in offering these loans. We currently don’t offer education loans. I had a Loan Officer question me as to whether a loan made to a customer for ongoing training for their job would be considered a Education Loan? The customer would have a 1 year note and then this would be renewed for another year, after that time period the city will repay the loan as long as their employee passes the course. I can’t decide if this would be considered an Education Loan or not?

    #3026
    Anonymous
    Inactive

    If you look at section 472 of the Higher Education Act it’ll give you a really good definition. I had to research more than just there to get my answer, which was similar to yours. Please forgive because I now cannot remember each section, article and etc. But that’ll get you on the right path.

    Regardless, if I’m not mistaken, to be considered PSEL, the “student” has to enroll and become accepted, they have to receive some form of diploma from that school that they’ll be attending (i.e. Associate, Bachelors, Masters. Etc)

    Hope this helps!

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