Code of Conduct for Educational Loans
Iowa Code Section 261E.2 and Title 34 of the Code of Federal Regulations, Section 601.21, require the development, administration and enforcement of a code of conduct governing educational loan activities. Our officers, employees, trustees and agents, including the alumni association, booster club and other organizations associated with Northeast Iowa Community College, agree to the provisions of this Code of Conduct and will refrain from:
- Refusing to certify or delaying the certification of an education loan based on a borrower’s choice of lender.
- Assigning a first-time borrower to a particular private education loan lender through the student’s financial aid award or other means.
- Packaging a private education loan in a student’s financial aid award, except when the student is ineligible for other financial aid, has exhausted his or her federal student aid eligibility, has not filed a Free Application for Federal Student Aid or refuses to apply for a federal student loan.
- Accepting impermissible gifts, goods or services from a lender, lender servicer or guarantor. The institution may accept default prevention, financial literacy or student aid-related educational services or materials, or other items of a nominal value.
- Accepting philanthropic contributions from a lender, lender servicer or guarantor that are related to the educational loans provided by the entity that is making the contribution.
- Serving on or otherwise participating as a member of an advisory council for a lender, lender affiliate or lender servicer.
- Accepting from a lender or its affiliate any fee, payment or other financial benefit as compensation for any type of consulting arrangement or other contract to provide education loan-related services to or on behalf of the lender.
- Accepting fees or other benefits in exchange for endorsing a lender or the lender’s loan products.
- Requesting or accepting an offer of funds for private education loans from a lender, in exchange for our promise to provide the lender with placement on a preferred lender list or a certain number or volume of private education loans.
Northeast Iowa Community College is committed to providing the information and resources necessary to help every student achieve educational success. To accomplish this goal, the financial aid staff will consider each student’s individual needs.
A comprehensive Code of Conduct detailing permissible and impermissible activities for all Northeast Iowa Community College officers, employees and agents affiliated with the College is available.