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To comply with the 2008 Higher Education Opportunity Act (HEOA), enacted August 14, 2008, St. Elizabeth School of Nursing adopts the following Student Loan Code of Conduct to serve as formal guidance in insuring the integrity of the student aid process and ethical conduct of School employees in regards to student loan practices.
Revenue-sharing arrangements per the 2008 Higher Education Opportunity Act means any arrangement between an institution and lender, in which the lender makes Title IV loans to students or to the families of such students. In such an arrangement, the institution recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the institution, or an office or employee of the institution. St. Elizabeth School of Nursing and its employees will not enter into any type of revenue-sharing arrangement with any lender.
Employees of the Financial Aid Office or any School employees, officers, or agents who have any responsibility for the student loan process are prohibited from soliciting or accepting any gifts from lenders, guarantors or servicers of educational loans. Per the 2008 HEOA, a gift is any gratuity, favor, discount, entertainment, hospitality, loan, or other item having monetary value of more than a de minimums amount. This includes a gift of services, transportation, lodging or meals, purchase of a ticket, payment in advance, or reimbursement after the expense was incurred.
Employees of the Financial Aid Office (or others as noted above) may not accept from a lender, or affiliate of any lender 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 related to education loans.
The Financial Aid Office will not assign a borrower’s student loan to a particular lender. The borrower will be responsible for deciding who to borrow his/her loan through after review of lender benefits and services. The School will not refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guaranty agency. However, the student must realize that not all lenders will work with all schools/borrowers, so if the borrower chooses a lender that will not provide loans for St. Elizabeth students, the borrower must select a new lender.
St. Elizabeth School of Nursing will not request or accept from any lender any offers for private education loans, including funds for an opportunity pool loan, in exchange for providing concessions or promises to the lender for a specific number of loans made, insured or guaranteed, a specified loan volume, or a preferred lender arrangement.
St. Elizabeth School of Nursing will not request or accept from any lender any assistance with call center staffing or Financial Aid Office staffing.
Employees of the Financial Aid Office (or others as noted above) who serve on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, are prohibited from receiving anything of value from the lender, guarantor, or group of lenders, except for reimbursement for reasonable expenses incurred by the employee for serving on the advisory board, commission or group.