As a participant in the Federal Direct Loan Program that receives Title IV funding, Erikson Institute must comply with the Higher Education Opportunity Act of 2008. In order to ensure integrity and compliance in the administration of student loan programs, Erikson’s financial aid office adheres to the National Association of Student Financial Aid Administrators (NASFAA) Statement of Ethical Principles and Code of Conduct for Financial Aid Professionals.
Additionally, the financial aid office has adopted a financial aid code of conduct. Any Institute employee with financial aid responsibilities must adhere to the code of conduct as outlined below:
Ban on revenue-sharing agreements
Erikson Institute shall not enter into any revenue-sharing agreement with any lender.
No Institute employee with financial aid responsibilities shall solicit or accept any gift having a monetary value of more than a de minimus amount from a lender, guarantor, or servicer of education loans.
Contracting Arrangements Prohibited
No Institute employee with financial aid responsibilities shall accept from any lender or lender affiliate payment or financial benefit as compensation for any type of consulting arrangement or other contract to provide services to a lender.
Interaction with Borrowers
Erikson Institute shall not assign a particular lender to any borrower, unless required to do so by law, and shall not refuse to certify or delay certification of any loan based on the lender or guarantee agency selected by the borrower.
Prohibition on Offers of Funds for Private Loans
Erikson Institute shall not request or accept from any lender any offer of funds to be used for private education loans to students in exchange for the institution providing concessions or promises regarding providing the lender with a specified number of loans or loan volume, or a preferred lender arrangement for such loans.
Ban on Staffing Assistance
Erikson Institute shall not request or accept from any lender assistance with call center staffing or financial aid office staffing unless any such assistance has been legislatively defined as acceptable. However, lenders may provide professional development training to financial aid administrators, educational advising materials to borrowers, or assistance in state or federally-declared natural disasters.
Ban on Advisory Board Compensation
Any employees with financial aid responsibilities shall be prohibited from receiving anything of value from a lender or guarantor in return for service on its advisory board except for reimbursement of reasonable expenses incurred in connection with such service.