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. (Added to NRS by 2023, 2856)
Nevada Legal Code