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Student Loan Code of Conduct

 

In compliance with the Student Loan Code of Conduct requirements in the Higher Education Opportunity Act of 2008, the Millsaps College Office of Financial Aid prohibits all of the following:

  • Revenue sharing agreements with lenders

  • Conflicts of interest

  • Accepting gifts above a nominal value from lenders and guarantors

  • Accepting private loans conditioned on the use of lender's Title IV loans

  • Contracting arrangements with a lender that provides compensation to school staff

  • Assigning a lender to a borrower or refusing to certify a loan for a borrower's choice of lender or guarantor

  • Accepting from lenders any staffing assistance for call center or financial aid office

  • Accepting compensation for service on an advisory board, except that reasonable expenses associated with that service may be reimbursed by the lender or guarantor

 

For the following purposes, it is not considered a "gift" to the school for a lender or guarantor to provide:

  • Standard materials, activities or programs on issues related to a loan, default aversion, default prevention or financial literacy (i.e. brochures, workshops, training)

  • Food, refreshments, training or informational material that is designed to improve the service of a lender, guarantor or servicer if the training contributes to the professional development of the school staff

  • Favorable terms, conditions and borrower benefits, as long as these are provided to all students at the school

  • Entrance and exit counseling services, as long as the school controls the counseling and does not promote the products and services of the lender

  • Philanthropic contributions not tied to loan volume