Actually I disagree, HELOC are in fact lines of credit and should be reported as revolving. Do I like it, no, but it's appropriate. Now home equity loans, they are entirely different.
HELOC loans SHOULD report under mortgages.
They are secured by real property.
Just ask WAMU.
Will the interest rate be lower on the HELOC than the Student loans?
Are SL's private loans?
Is there any expectation of the student to pay some of the student loans?