For instance, in the context of federal student loan programs, a school is considered a loan originator if the lender delegates “substantial functions or responsibilities” to the school. 34 C.F.R. § 682.200(b); see, e.g., Morgan v. Markerdowne Corp., 976 F. Supp. 301, 312, 315 (D.N.J. 1997). And TILA defines a “private education lender” as any “person engaged in the business of soliciting, making, or extending private education loans.”

3. As defined in Department regulations, a guaranty agency is "a state or private nonprofit organization that has an agreement with the Secretary under which it will administer a Joan guaranty program under the Act", 34 C.F.R §682.200 (b). Case 7:14-cv-01584-LEK-TWD Document 54-3 Filed 12/09/16 Page 5 of 17 4.

FFELP student loans are guaranteed by either a state agency or non-profit organization “that has an agreement with the Secretary under which it will administer a loan guaranty program under the Act.” (34 C.F.R. § 682.200(b); see also 20 U.S.C. § 1072(a)(1).) Such state agencies or organizations are referred to as guaranty agencies.