Student Loan Code of Conduct

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Oklahoma State University (OSU) participates in the William D. Ford Federal Direct Loan Program which includes the Direct Subsidized and Unsubsidized Loans, the Direct Graduate PLUS Loan, and the Direct Parent PLUS Loan. Private loans are also processed, when requested by the student. To comply with the Higher Education Opportunity Act, OSU has adopted the following Student Loan Code of Conduct, which serves as formal guiding principles to ensure the integrity of the student aid process and ethical conduct of OSU employees in regard to student loan practices.

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Revenue Sharing

OSU, and its employees, will not enter into any type of revenue-sharing arrangement with any lender, guarantor, or servicer. OSU does not provide students with a preferred lender list from which to select a lender for a private student loan. All loans are processed without regard to lender or mode of transmission (i.e., electronic or paper). OSU will neither recommend a private loan lender nor accept material benefits including revenue or profit sharing to the institution, an officer, or an employee of the institution or agent.

 

Gifts

Employees of the Office of Scholarships and Financial Aid or the Bursar’s Office are prohibited from soliciting or accepting any gift from a lender, guarantor, or servicer of education loans. This includes any gratuity, favor, discount, entertainment, hospitality, loan or other item including services, transportation, lodging, or meals, whether provided in-kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has occurred.

 

Contracting Agreements

Employees of the Office of Scholarships and Financial Aid and the Bursar’s Office shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.

 

Interaction with Borrowers

OSU will not assign a borrower’s private student loan to a particular lender; all decisions will be made by the borrower and his/her independent review of borrower benefits and lender services. OSU will not refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender.

 

Opportunity Pool Loans

OSU will not request or accept from any lender any offer of funds to be used for private education loans (defined in section 150 of the Truth in Lending Act) including funds for an opportunity pool loan in exchange for OSU providing concessions or promises regarding providing the lender with a specified number of loans made, insured or guaranteed; a specified loan volume of such loans; or a preferred lender arrangement for such loans.

 

Staffing Assistance

OSU will not request or accept from any lender, guarantor, or servicer of student loans any assistance with call center staffing or financial aid office staffing.

 

Advisory Board Compensation

Employees of the Office of Scholarships and Financial Aid and the Bursar’s Office 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 or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group.