The Secretary of Education shall, subject to such terms and conditions as the Secretary, in consultation with the Attorney General, may by rule establish, repay or cancel the outstanding balance of principal and interest due on the Federal loans and private education loans of a borrower. The term Federal loan means a loan made, insured, or guaranteed under title IV of the Higher Education Act of 1965 (
20 U.S.C. 1070 et seq.). The term private education loan has the meaning given the term in section 140 of the Truth in Lending Act.