Student Loan Code of Conduct
New England College of Business understands that ensuring the integrity of the student financial aid process is essential to providing students fair and affordable access to higher education. As an institutional member of the National Association of Student Financial Aid Professionals (NASFAA), NECB has developed the following Code of Conduct which prohibits activities which may create conflicts of interest in the student financial aid process between the institution and its students. This Code is in accordance with the requirements of the federal Higher Education Opportunity Act of 2008 ("HEOA") and incorporates all terms set forth in the HEOA.
Accordingly, NECB shall take reasonable steps to comply at minimum with the following principles in day-to-day financial aid operations:
Code of Conduct
- Employees shall not solicit or accept any gift in the form of a gratuity, favor, discount, entertainment, hospitality, loan, service, transportation, lodging, meals, reimbursement or other item having a monetary value of more than a nominal amount from a lender, guarantor or servicer.
- NECB will not request or accept from any lender any offer of funds to be used for private education loans, including funds for an opportunity pool loan, to students in exchange for the institution providing promises to lending institutions.
- NECB will not request or accept from any lender any assistance with call center staffing or financial aid office staffing.
- Any employee of NECB who is employed in the financial aid office who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, is prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board.
- NECB will administer and enforce this Code of Conduct by all employees with responsibilities with respect to education loans be periodically informed of the provisions of this Code of Conduct.
- Employees must not accept any fee, payment or other financial benefit from a lender as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender.