This policy prohibits any conflict of interest that would allow any outside student loan lender to have a preferred relationship with Pratt Community College or its students.
1. Preferred Lender Guidelines
Preferred or suggested lender lists used by the college will be based solely on the best interests of students and parents who may use the list and without regard to the financial interests of the college.
2. Lender Disclosures
All preferred or suggested lender lists maintained by a college will clearly and fully disclose the criteria and process used to select the lenders included on such lists. Students and parents will be told that they have the right and ability to select a lender of their choice, regardless of whether such lender appears on a school's lender list.
3. Revenue Sharing
The college will not accept anything of value from any lender in exchange for any advantage sought by the lender. Lenders will not be required or allowed or pay to be placed on a school's preferred lender list.
4. Gifts and Trips
College employees will not accept anything of more than nominal value from any lender. This includes gifts or trips of any kind.
5. Advisory Board Membership
College employees will receive no compensation or anything of value for serving on the advisory board of any lender.
6. Lender Identification
No employee of any lender may work in or provide staffing in a college financial aid office. 1n addition, colleges shall direct employees of lenders to clearly identify themselves as employees of the lender and to never identify themselves as college employees when meeting or speaking with students or parents.
Replaces: Adoption 02-19-2008 Revision 02-16-2010 Review Date 03- 25-2014
