Page:United States Statutes at Large Volume 79.djvu/1089

 79 STAT. ]

PUBLIC LAW 89-287-OCT. 22, 1965

the Commissioner as an institution meeting the other requirements of this subsection; and (4) is accredited (A) by a nationally recognized accrediting agency or association listed by the Commissioner pursuant to this clause, (B) if the Commissioner determines that there is no nationally recognized accrediting agency or association qualified to accredit schools of a particular category, by a State agency listed by the Commissioner pursuant to this clause, and (C) if the Commissioner determines there is no nationally recognized or State agency or association qualified to accredit schools of a particular category, by an advisory committee appointed by him and composed of persons specially qualified to evaluate training provided by schools of that category, which committee shall prescribe the standards of content, scope, and quality which must be met by those schools in order for loans to students attending them to be insurable under this Act and shall also determine whether particular schools meet those standards. For the purpose of this subsection, the Commissioner shall publish a list of nationally recognized accrediting agencies or associations and State agencies which he determines to be reliable authority as to the quality of education or training afforded. (b) The term "eligiole lender" means an eligible institution, an agency or instrumentality of a State, or a financial or credit institution (mcluding an insurance company) which is subject tp examination and supervision by an agency of the United States or of any State. (c) The term "line of credit" means an arrangement or agreement between the lender and the borrower whereby a loan is paid out by the lender to the borrower in annual installments, or whereby the lender agrees to make, in addition to the initial loan, additional loans in subsequent years. (d) The term "State" includes, in addition to the several States of the Union, the Commonwealth of Puerto Kico, the District of Columbia, Guam, American Samoa, the Virgin Islands, and the Trust Territory of the Pacific Islands. (e) The term "Secretary" means the Secretary of Health, Education, and Welfare. (i) The term "Commissioner" means the Commissioner of Education. Approved October 22, 1965.

49-850 0-66—69

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