LMRC’s Office of Financial Aid adheres to the highest ethical behavior and professional practices.
Our office abides by the following legislated requirements prohibiting a conflict of interest regarding the administration of Title IV student loans and the responsibilities of an agent of the College.
- Employees shall not solicit or accept any gift having a monetary value of more than a nominal amount from a lender, guarantor, or servicer. Certain items are not considered gifts, such as training materials, meals at training events, and philanthropic contributions not related to student loans. Employees may also be reimbursed for reasonable expenses incurred in serving on the advisory board, commission, or group.
- Employees shall not enter into any revenue-sharing arrangement with any lender where the lender provides or issues a Title IV loan to the student or student’s family in exchange for the school recommending the lender or the lender’s loan products in exchange for a fee or material benefit, including profit or revenue sharing that benefits the school or a school’s employee or agent.
- Employees shall not accept from any lender or affiliate of any lender, any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
- The College shall not request or accept funds from any lender for private educations loans including funds for an opportunity pool loan to its students in exchange for the school providing promises of a specified loan number or volume or a preferred lender arrangement for educational loans.
- Employees shall not assign, through award packaging or other methods, a first-time borrower’s loan to a particular lender or refuse or delay processing of a loan based on the borrower’s selection of a lender or guarantor.
- Employees shall not accept or request any assistance with call center or financial aid office staffing from any lender except as allowed by law.