Financial Aid Code of Conduct
Hood College’s financial aid office participates solely in the Direct Loan program for the administration and disbursement of federal student loan funds and does not utilize a preferred lender list for federal or private student loans. However, the financial aid office may suggest certain private lenders solely in an effort to assist student and their parents to sort though the private lending options that currently exist.
You and your families have the right and the ability to select the private loan lender of your choice and are not required to use any of the private lenders that the financial aid office may suggest. The financial aid office will certify your enrollment for any approved private loan at your request, provided you are in good standing with the College.
Hood College’s Financial Aid office adheres to the follow Code of Conduct:
- No Financial Benefit from Lenders: Hood College’s financial aid office does not receive financial benefit from any lending institution in exchange for Hood College’s financial aid office’s recommendation. Hood College does not receive revenue or anything of value from lenders based on the volume of our students who may use that lender.
- Gift Restrictions: Hood College’s financial aid employees may not receive anything more than a nominal value from a lender. Nominal value is defined as ten dollars ($10.00) or less and is limited to items to be used in the course of doing business, for example, pen or pencil, notepad, sticky notes, etc.
- Advisory Boards: Hood College’s financial aid employees may not serve on the advisory board of any lending institution.
- Suggested Lender Guidelines: Hood College’s financial aid office may suggest private lenders solely to serve the best interests of the student.
- Preferred Lender List Disclosure: Hood College’s financial aid office does not maintain a preferred lender list for federal or private student loans. Students and their parents have the right and the ability to select the private loan lender of their choice, and are not required to use any of the lenders Hood College’s financial aid office may suggest.
- Loan Resale Disclosure: To the extent possible, Hood College’s financial aid office will not suggest a lender unless the lender agrees to disclose to students at the time of the loan any pre-existing agreement to sell the loan to another lender.
- Outside Employee Restrictions: Hood College’s financial aid office does not authorize any employees or agents of lenders to represent or identify themselves to students as employees of the College. No employee of a lender, servicer or guarantee agency may work in or provide staffing to the financial aid office.
- Opportunity Loans: Hood College financial aid office does not participate in, nor does it accept, “opportunity loans.”