Includes within educational loans eligible for repayment by the Department of Defense (DOD) under the Selected Reserve education loan repayment program any educational loan made by a lender that is: (1) an agency or instrumentality of a state; (2) a financial or credit institution subject to examination and supervision by the United States or a state; (3) a pension fund approved by the Secretary of Defense; or (2) a nonprofit private entity designated and regulated by a state, and approved by the Secretary.
Makes officers (under current law, only enlisted personnel) eligible for such repayments.
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