; and (II) are not enrolled at the institution in any program of study leading to an undergraduate credential. (iii) Graduate non-completing student cohort For each program of study leading to a graduate credential at such institution, a student cohort comprised of all students who received Federal financial assistance under this title, who were enrolled in such program during the previous award year, and who at the time the cohort is established— (I) have not completed such program of study; and (II) are not enrolled in such program. (B) Qualifying student loan For the purposes of this subsection, the term qualifying student loan means a Federal Direct loan, including a Federal Direct Consolidation loan, made under this part that— (i) was made to a student included in a student cohort of an institution