Code of Ethics
We are members of the National Association of Student Financial Aid Administrators ("NASFAA"), the Southwestern Association of Student Financial Aid Administrators and the Louisiana Association of Student Financial Aid Administrators.
All of our actions are bound by NASFAA's Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. This updated statement was released by NASFAA on May 31, 2007.
Recent media reports have highlighted allegations of an array of problems in the student loan industry. Many families do choose to utilize federal and private, alternative loans to help with the cost of financing post-secondary education. Most of the problems highlighted in the media concern private, rather than federal student loans.
Staff in the Office of Scholarships and Financial Aid have always attempted to act in the best interest of our students and their families. In response to mandates outlined in the Student Loan Sunshine Act, we have adopted a Code of Conduct to define our relationship with student loan providers.
The following links are provided to supplement information for families concerned about this story:
- Overview of Student Loan Programs- FinAid was established in the fall of 1994 as a public service. This award-winning site has grown into the most comprehensive source of student financial aid information, advice and tools -- on or off the web.
- How to Choose and Evaluate Lenders - This information is from the Department of Education's Student Aid on The Web, a comprehensive resource for families.
- The Project on Student Deb t works to increase public understanding of the implications of the use of increased borrowing to finance higher education costs. Recognizing that loans play a critical role in making college possible, the Project's goal is to identify cost-effective solutions that expand educational opportunity, protect family financial security, and advance economic competitiveness.
- Consumer Bankers' Association Code of Conduct
- New York Attorny General Cumo's College Loan Code of Conduct - The following companies that work with the Office of Scholarships and Financial Aid have also officially adopted these standards
- Citibank
- Chase
- SallieMae- This agreement also covers all lending institutions owed by Sallie Mae , such as Nellie Mae, Academic Management Services ("AMS") , and Sallie Mae Education Trust
- Sallie Mae Statement - Sallie Mae is one of the major guarantee agencies that we utilize for our student loans
- Wachovia
- Wells Fargo Responsible Lending Principles and Marketing Practices for Education Financing
- Student Lending: Some Facts to Consider - This is a brochure published by New York Attorney General Andrew Cuomo
- Federal Student Loan Ombudsman - The Federal Student Aid Ombudsman of the Department of Education helps resolve disputes and solve other problems with federal student loans
Higher Ed Watch will be maintaining an online archive of news stories on this important issue
We want our students to be informed consumers. We have links to a number of online financial literacy resources in the Managing Your Money section on our website.
Families can find more information on the Student Loan Sunshine Act and additional reference material on proposed changes to the FFELP Program in the Legislation section of our website.
Families can find more detailed information on the loan application process in the Applying for Loans section on our web site for undergraduate and graduate and professional students.
