"Education loan" means a direct loan or loan insured or guaranteed under a federal or state program or a program of private insurance that is made to assist a student in obtaining postsecondary education and that is:

1. (1) made to any Indiana student, or to either one (1) or both parents or the legal guardian of the student, for the purpose of attending an Indiana or non-Indiana postsecondary educational institution;
2. (2) made to any non-Indiana student, or to one (1) or both parents or the legal guardian of the student, for the purpose of attending an Indiana or non-Indiana postsecondary education institution; or

3. (3) made or owned by any lending institution:

   1. (A) with an office located in Indiana; or

   2. (B) whose affiliate has an office located in Indiana or located in a state in which an Indiana bank or an Indiana bank holding company is entitled under Indiana law to acquire a bank or bank holding company.

      [Pre-2007 Higher Education Recodification Citation: 20-12-21.2-1(2).]

As added by P.L.2-2007, SEC.257. Amended by P.L.132-2013, SEC.2.