Code of Conduct
In response to the enactment of the Higher Education Opportunity Act on August 14, 2008, the following Code of Conduct was established. All Carleton College staff responsible for the administration of federal and private education loans are subject to these guidelines:
Carleton College staff responsible for student loan processing are prohibited from:
1. Revenue-sharing arrangements with any lender.
2. Soliciting or accepting of gifts of more than a minimal value from a lender, guarantor, or servicer. Exceptions to this include Entrance and Exit counseling services, philanthropic contributions to the institution that are unrelated to loans, State education grants, professional staff training, and standard loan material (brochures, financial literacy, etc.).
3. Accepting fees, payments, or other financial compensations for any type of consulting or contractual relationship with a lender.
4. Assigning a first-time borrower to a particular lender.
5. Refusing or delaying the loan process based on a borrower’s selection of a particular lender.
6. Entering into an arrangement with a lender for private education loans funds, including opportunity pool loans in exchange for a preferred lender arrangement or providing the lender with a specified number of private education loans.
7. Requesting or accepting staffing assistance from a lender. Exceptions are allowed for professional development or training and provision of educational counseling materials or short-term, nonrecurring staffing assistance during disasters or emergencies.
8. Accepting compensation, other than for reasonable reimbursement expenses, for service on an advisory board, commission, or group established by a lender(s) or guarantor(s).
This Code of Conduct is provided annually to all Carleton College staff responsible for the administration of student loans.