Code of Conduct for Financial Aid Professionals

An institutional financial aid professional should always maintain high standards of professional conduct in all aspects of the performance of their responsibilities, including all dealings with entities involved in any way in student financial aid, regardless of whether these entities are involved in a activity sponsored, subsidized or regulated by the government.

The Ivaem College Office of Financial Aid has adopted the following NASFAA statements of ethical principles and codes of conduct to ensure the highest ethical behavior and professional practices:

(1) No action will be taken by financial aid staff that is for their personal benefit or could be perceived to be a conflict of interest

  • Employees within the financial aid office will not award aid to themselves or their immediate family members. Staff will reserve this task to an institutionally designated person, to avoid the appearance of a conflict of interest.

  • The Institution has no preferred lending agreement with any lender of private educational loans and does not maintain a preferred lender list. Neither the school or any employee shall enter into any revenue-sharing arrangement with any lender or accept offers of funds for private loans to students in exchange for providing concessions or promises to the lender for a specific number of loans, a specified loan volume, or a preferred lender arrangement.

  • A borrower's choice of a lender will not be denied, impeded, or unnecessarily delayed by the Institution. Borrowers will not be auto assigned to any particular lender.

  • No amount of cash, gift, or benefit in excess of a de minimis amount shall be accepted by a financial aid staff member from any financial aid applicant (or their family), or from any entity doing business with or seeking to do business with the Institution (including service on advisory committees or boards beyond reimbursement for reasonable expenses directly associated with such service).

  • No compensation may be accepted for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.

(2) Information provided by the financial aid office is accurate, unbiased, and does not reflect preference arising from actual or potential personal gain.

(3) Institutional financial aid offers notifications and/or other institutionally provided materials shall include the following:

  • A breakdown of individual components of the institution's Cost of Attendance.

  • Clear identification of each type of aid, i.e. gift aid (grant, scholarship), work, or loan.

  • Standard terminology and definitions.

  • Renewal requirements for each aid type.

(4) All required consumer information is displayed in a prominent location on the institutional web site(s) and in any printed materials, easily identified and found, and labeled as "Consumer Information."

(5) Financial aid professionals will disclose to their institution any involvement, interest in, or potential conflict of interest with any entity with which the institution has a business relationship.