; and (B) are neither delinquent nor in default on such loans. (3) Covered institution of higher education The term covered institution of higher education means an institution of higher education that is the beneficiary of an endowment fund with total value of $2,500,000,000 or more. (4) Endowment fund The term endowment fund means a fund that— (A) is established by State law, by an institution of higher education, or by a foundation that is exempt from Federal income taxation