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#2009020 - 04/20/15 04:50 PM educational loans
mdog76 Offline
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Joined: Jan 2007
Posts: 645
We state that we do not do educational or college tuition loans. While doing a file review, the loan purpose for one loan is "exam materials". Could this be perceived as an educational loan?

Thank you.

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Lending Compliance
#2009061 - 04/20/15 05:47 PM Re: educational loans mdog76
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
My first thought would be yes...but you really need to establish what type of exam materials....if one of the BOL consultants needed to get a loan to purchase new exam materials for a consulting contract that would not be an educational loan.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2009063 - 04/20/15 05:50 PM Re: educational loans mdog76
mdog76 Offline
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Joined: Jan 2007
Posts: 645
The funds were for a CPA exam.

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#2009113 - 04/20/15 08:02 PM Re: educational loans mdog76
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
I would consider that a professional exam and not a secondary education exam.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2009242 - 04/21/15 04:11 PM Re: educational loans mdog76
mdog76 Offline
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Joined: Jan 2007
Posts: 645
We did find a citation on the Higher Education Act Section 472 that lists "cost of first professional credential" as a cost of attendance. We are thinking that this makes it an educational loan. Anyone familiar with this act?

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