1. 1. “Private education loan” means an extension of credit that is:

   1. (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
   2. (b) Not made, insured or guaranteed under Title IV of the Higher Education Act of 1965, 20 U.S.C. §§ 1070 et seq.

2. 2. The term does not include an:

   1. (a) Open-end credit or any loan that is secured by real property or a dwelling; or

   2. (b) Extension of credit in which the covered educational institution is the creditor if:

      1. (1) The term of the extension of credit is 90 days or less; or
      2. (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)