Code of Federal Regulations Title 7. Agriculture § 7.3431.15 Qualifying loans

(1) Tuition expenses;

(2) All other reasonable educational expenses, as defined in this part and as determined by the Secretary;  and

(3) Reasonable living expenses, as defined in this part and as determined by the Secretary.

(1) Loans not obtained from a bank, credit union, savings and loan association, not-for-profit organization, insurance company, school, and other financial or credit institution which is subject to examination and supervision in its capacity as lending institution by an agency of the United States or of the State in which the lender has its principal place of business;

(2) Loans for which supporting documentation is not available;

(3) Loans that have been consolidated with loans of other individuals, such as spouses or children;

(4) Loans or portions of loans obtained for educational or living expenses which exceed the standard of reasonableness as determined by the participant's standard school budget for the year in which the loan was made, and are not determined by the Secretary, to be reasonable based on additional documentation provided by the individual;

(5) Loans, financial debts, or service obligations incurred under another loan repayment or scholarship program, or similar programs, which provide loans, scholarships, loan repayments, or other awards in exchange for a future service obligation;

(6) Non-educational loans, including home equity loans;  and

(7) Any loan in default, delinquent, or not in a current payment status.