J-670 Student Financial Aid and Lender Relations

Financial Aid Employees assist Students in making informed decisions regarding their choice of student loan provider. Employees work with lenders to provide information to Students. This Policy governs the ethical conduct of college financial aid staff related to working with student aid lenders.  

• The College and its Employees will not:

  • Solicit, accept, or enter into any agreement in which an educational loan lender provides fees, revenue sharing, or material benefits to the College in exchange for the College or its Employees recommending the lender or its loan products.

  • Enter into an agreement with a lender of education loans for or solicit or accept from a lender of education loans any funds allocated or used for opportunity loan pools or similar arrangements.

  • Solicit or accept assistance for call center or financial aid staffing from a lender of education loans.

  • Solicit, accept, or enter into any agreement in violation of the College policy on student financial aid operations and may not engage in conduct that violates the College code of ethics under TCS 6.06(1), Wis. Adm. Code., or any applicable provisions of Wis. Stats. §19.41, et seq., Code of Ethics for Public Officials and Employees.

  • Receive compensation or reimbursement from an educational loan lender for any costs incurred as part of participating on an advisory council of the lender.

• Employees may participate on an advisory council of an educational loan lender to improve student services.

• The College must inform Students in writing, who apply for financial aid:

  • That they may use any eligible lender to make education loans.

  • Students are encouraged to explore and weigh the use of federal loans that are guaranteed, regulated, and may be more advantageous before pursuing private or alternative loans.

  • The availability of federal and state government loans and comparative information on private and government loans. 

• The College may maintain a list, either in print or other media, of educational loan lenders for the benefit of Students, subject to the following:

• The District will use an evaluative process to include lenders on the list. Information regarding the selection of lenders, the evaluative process used, and the criteria used for such selection will be available to the public upon request.

• Any college lender list will accompany a statement explaining that Students are not limited to the lenders included.

• A lender list will include a minimum of three (3) lenders.

• The College will work with the educational loan lenders on the list to ensure that specific loan information and key details (including, but not limited by enumeration to, the terms, interest rate, and repayment requirements) are available from the lender clearly and understandably.

• The College and its Employees may accept from lenders of education loans:

  • Counseling and educational materials for use by Students and their families regarding student lending laws, education loans, financial literacy, debt management, and other topics relevant to providing Students and their families with financial aid assistance; any such materials must disclose the source of said materials and may not use trademarks, logos, mascots, or other symbols associated with the College or that would suggest any college endorsement of the lender or product.

  • Training Employees regarding student lending laws, education loans, financial literacy, debt management, and other topics relevant to providing Students and their families with financial aid.