The Institution’s officers, employees or any agents are prohibited from accepting any solicitation or fee of any sort or participating in any profit sharing in any form, for the exchange of recommending a student to a specific private loan lender or any of that lender’s products.
Officers, employees and any agent of the institution that is employed by the financial aid office, or who has contact with any private education loans or responsibilities with respect to federal loans, may not accept or solicit gifts from any private student loan lender or servicer. See exceptions under “Permissible Activities”.
Definition of Gift – A favor, any gratuity, entertainment ( this includes sporting events, alcoholic beverages, shows, travel or meals ) or financial benefit.
If you are offered a gift by a lender or servicer, you must decline the offer of a gift immediately. Your family members and close friends must not accept gifts from a lender or servicer if the gift was offered because of your position with the institution.
A “gift” does not include standard materials, activities or programs on issues related to a loan product, default prevention, debt management or financial literacy, such as a brochure, a workshop or training, provided that students are informed of the name of any education lender or servicer that assisted in preparing or providing such materials, activities or programs. Printed materials must contain the name of the education lender or servicer that provided such materials and should not contain any institution logos or trademarks.
The institution may also use online entrance and exit counseling tools provided by lenders or by servicers of loans, as long as:
- The Institution is in control of the counseling session; and
- The counseling does not promote the specific products or services of any specific lender.
Officers, employees and any agent of the institution may accept informational material provided as part of training by a lender or servicer. As long as the materials are a form of marketing or advertising such as pens, pencils, notepads, sticky-notes, rulers, calculators, small tote bags, or any daily usable office supply items.
When a lender or servicer provides training or professional development you may accept food, or any informational material provided as part of training by a lender or servicer provided the training contributes to your professional development.
If you are invited by a lender or servicer to a meal or form of entertainment you must pay for your own expenses. If appropriate under the institutions expense reimbursement policy, you may request reimbursement from the institution.
Packaging of Private Loans
A student may be packaged for a private loan under the following conditions:
- The student refuses to apply for a Title IV loan, including a Parent PLUS loan
- The Free Application for Federal Student Aid (FAFSA) has not been filled out
- The student has exhausted the limits of his or her eligibility for Title IV loans (Federal Stafford, and as applicable, Parent PLUS)
- The student is ineligible for additional funding