Code of Conduct for Educational Loans - Summary
Iowa Code Section 261F.2 and Sections 487(a)(25) and 487(e) of the Higher Education Act of 1965, as amended, require the development, administration, and enforcement of a code of conduct governing educational loan activities. Officers, employees, directors and agents-including the alumni association, booster club and other organizations associated with Western Iowa Tech Community College agree to the provisions of this Code of Conduct and will refrain from:
- Denying a Federal Family Education Loan Program (FFELP) borrower his or her choice of a FFELP lender or guarantor. Loans issued under the FFELP are the federal Stafford, parent PLUS, Grad PLUS and Consolidation loans.
- Packaging private educational loans in a student's financial aid award, except under certain conditions.
- Accepting impermissible gifts, goods, or services from a lender, lender servicer, or guarantor. Western Iowa Tech Community College may accept, however, certain services, materials or other items of a nominal value.
- Accepting philanthropic contributions from a lender, lender servicer, or guarantor that are related to the educational loans provided by the lender, lender servicer, or guarantor.
- Serving on or otherwise participating as a member of an advisory council for a lender, lender affiliate, or lender servicer.
- Accepting from a lender or its affiliate any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or other contract to provide education loan-related services to or on behalf of the lender.
- Accepting fees or other benefits in exchange for endorsing a lender or the lender's loan products.
- Requesting or accepting preferential rates on private educational loans in exchange for a specified amount of loan activity, or in exchange for endorsing the lender's FFELP loans.
Western Iowa Tech Community College is committed to providing the information and resources necessary to help every student achieve educational success. To accomplish this goal the financial aid staff will consider each student's individual needs.
A comprehensive Code of Conduct detailing permissible and impermissible activities has been provided to all Western Iowa Tech Community College officers, employees and agents affiliated with this college.