STUDENT LENDING CODE OF CONDUCT
a. The College will not enter into a revenue-sharing agreement with any student loan lender. “Revenue-sharing” means any arrangement between an institution and a lender where the lender under which
i. A lender provides a loan under this title to students attending the college or to the family members of such students; and
ii. The College recommends the lender or its products and in exchange the lender pays a fee, percentage or other material benefits, including revenue or profit sharing to the College or an employee of the College.
b. No officer, employee or agent of the College, employed in the Financial Aid office or who has Responsibilities with respect to education loans, shall solicit or accept any gift from the lender, guarantor or servicer of education loans. The term “Gift” is defined as any gratuity, favor, discount, entertainment, hospitality, loan, or other items of monetary value of more than ten dollars. The term also includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred.
The term “Gift” does not include the following:
- Standard material, activities, or programs related to loan default and/or financial literacy.
- Food, refreshments, training, or informational material furnished to improve service or contribute to the professional development of the College employees.
- Borrower benefits provided to all student or Entrance and Exit counseling services.
c. No gifts will be accepted by a family member of an employee of the College, if the gift was given with the knowledge of the employee or that the gift was given because of the official position of the employee.
d. An employee who is employed in the financial aid office of the College or who otherwise has responsibilities with respect to education loans shall not accept from any lender a fee, payment or any other financial benefits, (including the opportunity to purchase stock), as compensation for any type of consulting arrangement or other contract to provide services to a lender or on the behalf of a lender relating to educational loans.
e. The College will not participate in any of the following items;
- Refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guaranty agency.
- Shall not request or accept from any lender any offer of funds to be used for private education loans to students in exchange for the institution providing concessions or promises providing the lender with;
1. A specific number of loans made, insured, or guaranteed under this title;
2. Specified loan volume;
3. Preferred lender arrangement for such loans.
The institution shall not request or accept from any lender any assistance with call center staffing or financial aid office staffing. Certain assistance is permitted, such as;
1. Professional development
2. Providing educational counseling materials
f. Any employee who is employed in the financial aid office of the institution, or who otherwise has responsibilities with respect to education loans or other student financial aid of the institution, and who serves on an advisory board, commissions, or group established by a lender, guarantor, or group of lenders of guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission or group.
g. The College does not accept special lending arrangements or publish any preferred lender lists. The College will not steer students to a particular lender.