The Financial Aid Office pledges to display the utmost professionalism and uphold the highest ethical standards in the administration of financial aid. We achieve this by adhering to the code of conduct under the Higher Education Act of 1965, as amended (“HEA”), Title IV, Part G., Section 487(a)(25), which requires Williamson College (WC) to administer, enforce, and prominently publish the code of conduct on its website. At a minimum, WC will annually inform its officers, employees, and agents with responsibilities associated with educational loans, of the provisions of the code of conduct.
Ban on Revenue-Sharing Arrangements
WC shall not enter into any revenue-sharing arrangement with any lender or other vendor working with any of its offices that are responsible for carrying out financial aid functions. WC shall not accept any fee or other material benefit in exchange for recommending a lender to its students.
Officers or employees with financial aid responsibilities shall not solicit or accept any gift having other than nominal value from a lender, guarantor, or servicer of education loans.
Contracting Arrangements Prohibited
An officer or employee with financial aid responsibilities shall not accept, from any lender or lender affiliate, any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
Interaction with Borrowers
WC shall not automatically assign a particular lender to any borrower, unless required to do so by law, and shall not refuse to certify or delay certification of any loan based on the borrower’s selection of a particular lender or guarantee agency.
Prohibition on Offers of Funds for Private Loans
WC shall not request or accept from a lender an offer of funds to be used for private education loans in exchange for WC’s providing the lender with a specified number or volume of federal loans or in exchange for placement on a preferred lender list.
Ban on Staffing Assistance
WC shall not request or accept from any lender any assistance with call center staffing or financial aid office staffing unless any such assistance has been legislatively defined as acceptable. Lenders, for example, may provide professional development training to financial aid administrators, educational advising materials to borrowers, or assistance in state or federally-declared natural disasters.
Advisory Board Assistance
Any WC employee with financial aid responsibilities shall be prohibited from receiving anything of value from a lender or guarantor in return for service on its advisory board. Reimbursement for or payment of reasonable expenses incurred in connection with such service, however, is permitted.
In addition to the items above, as a member of the National Association of Student Financial Aid Administrators (NASFAA), Williamson College also follows the standards established in NASFAA’s Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals.
To view click here: http://www.nasfaa.org/mkt/about/Code_of_Conduct.aspx