---
kind: "section"
citation: "34 C.F.R. § 681.30"
title: "34"
number: "681.30"
heading: "Which organizations are eligible to apply to be HEAL lenders and holders?"
url: "https://uscodex.org/cfr/34/681.30"
---

# §681.30. Which organizations are eligible to apply to be HEAL lenders and holders?

- (a) A HEAL lender may hold loans under the HEAL program.
- (b) **The following types of organizations were eligible to apply to the Secretary to be HEAL lenders—**
  - (1) A financial or credit institution (including a bank, savings and loan association, credit union, or insurance company) which is subject to examination and supervision in its capacity as a lender by an agency of the United States or of the State in which it has its principal place of business;
  - (2) A pension fund approved by the Secretary;
  - (3) An agency or instrumentality of a State; and
  - (4) A private nonprofit entity, designated by the State, regulated by the State, and approved by the Secretary.
- (c) **The following types of organizations are eligible to apply to the Secretary to be HEAL holders—**
  - (1) Public entities in the business of purchasing student loans;
  - (2) Navient (formerly known as the Student Loan Marketing Association, or “Sallie Mae”); and
  - (3) **Other eligible lenders.**
- (d) HEAL holders must comply with any provisions in the regulations required of HEAL lenders including, but not limited to, provisions regarding applications, contracts, and due diligence.

## Notes

### Authority

Authority: Sec. 215, Pub. L. 78-410, 58 Stat. 690, as amended, 63 Stat. 35 (42 U.S.C. 216); secs. 727-739A, Pub. L. 78-410, 90 Stat. 2243, as amended, 93 Stat. 582, 99 Stat. 529-532, 102 Stat. 3122-3125 (42 U.S.C. 294-294 l -1); renumbered as secs. 701-720, as amended by 106 Stat. 1994-2011 (42 U.S.C. 292-292p); sec. 525, Pub. L. 113-76, Division H, title V, transferred HEAL to the Secretary of Education effective July 1, 2014.

### Source

Source: 82 FR 53378, Nov. 15, 2017, unless otherwise noted.