Northwestern College maintains the highest standards of administrative and academic integrity. Our employees conduct themselves in an ethical and professional manner in their interactions with students and families. Northwestern College has set for this policy to codify and clarify our ethics standards with regard to education (student) loan lenders, servicers and/or guarantors and to provide assurances that questionable practices that have been criticized at other institutions do not occur at Northwestern College.
Northwestern College does not create, maintain, or distribute any listing of “preferred” or “recommended” third-party education loan lenders/servicers, nor will NC staff endorse any particular education loan lender/servicer.
Northwestern College does not engage in a “revenue sharing” arrangement with any student loan lender, servicer or guarantor, nor enter into any arrangement designed to promote the products, services, and/or public image of any student loan lender, servicer, or guarantor. This section does not prohibit the school from distributing informational materials in compliance with federal regulation 34 C.F.R. 682.200(b)(5)(ii).
The Financial Assistance Office will certify any private loan upon request for any eligible student through any participating lender, servicer or guarantor. Financial Assistance staff will neither favor nor discriminate against any particular student loan lender, servicer, or provider in giving counsel to student and parent borrowers. However, nothing in this policy shall be construed to prevent properly trained Financial Assistance Office personnel from giving students and parents good counsel and frank answers about loan costs, interest rates, fees, and payments to assist the borrower in making an educated loan product/lender choice.
Neither NC nor any of its employees will accept any gift, gratuity, favor, discount, entertainment, hospitality, benefit, or any other item of more than a nominal value from any student loan lender, servicer or guarantor, except as specifically permitted in federal regulation 34 C.F.R. 682.200(b)(5)(ii). Gifts to family members of NC employees are considered as a gift to the employee if the gift was given in relation to the position of the employee. Nothing in this section shall be construed as prohibiting NC employees from conducting normal banking business with a student loan lender; or receiving discounts, premiums, or gifts that are available to the general public based upon that normal banking business.
Financial assistance employees or any other NC staff member that may have any responsibility with respect to educational loans may not accept from any student loan lender, servicer or guarantor any type of fee, payment, or other financial benefit as compensation for consulting or other services provided on behalf of the lender relating to educational loans; nor shall any employee accept payment for services or reimbursement of expenses related to education lending advisory boards, focus groups, facility tours or similar activities from any student loan lender, servicer, or guarantor.
Northwestern College does not utilize student loan lender, servicer, or guarantor staff to work in our offices, nor will we allow them to perform the work of school personnel in other locations. Further, we do not permit any non-employee to identify him/herself as a NC employee.