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Code of Conduct for University of Nebraska System Financial Aid Employees

Definitions

Financial Aid Employees. This code of conduct applies to any officer or employee of the University of Nebraska System (hereinafter “System”) who is employed in a financial aid office of this System or who otherwise has responsibilities with respect to education loans, or agent of the System who has responsibilities with respect to education loans. See . All categories of System employees, including student employees, office and service staff, and professional employees are subject to this code.

Education Loans. For purposes of this code of conduct, “education loans” means all loans to students attending the System or to the families of such students which are made, insured or guaranteed under a federal financial aid program. See .

Gift. The term “gift” means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount. The term includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred. See .

Exceptions. The term “gift” shall not include any of the following:

  1. Standard material, activities, or programs on issues related to a loan, default aversion, default prevention, or financial literacy, such as a brochure, a workshop, or training. See .
  2. Food, refreshments, training, or informational material furnished to an officer or employee of the System, or to an agent, as an integral part of a training session that is designed to improve the service of a lender, guarantor, or servicer of education loans to the System if such training contributes to the professional development of the officer, employee, or agent. See .
  3. Favorable terms, conditions, and borrower benefits on an education loan provided to a student employed by the System if such terms, conditions, or benefits are comparable to those provided to all students of the System. See
  4. Entrance and exit counseling services provided to borrowers to meet the System's responsibilities for entrance and exit counseling as required by , as long as—
    1. the System's staff are in control of the counseling, (whether in person or via electronic capabilities); and
    2. such counseling does not promote the products or services of any specific lender. See .
  5. Philanthropic contributions to the System from a lender, servicer, or guarantor of education loans that are unrelated to education loans or any contribution from any lender, guarantor, or servicer that is not made in exchange for any advantage related to education loans. See .
  6. State education grants, scholarships, or financial aid funds administered by or on behalf of a State. See .
  7. A gift received from a relative, a breakfast, luncheon, dinner or other refreshment consisting of food and beverage provided for immediate consumption, occasional provision of transportation within the State of Nebraska, or item with an estimated retail value of less than ten dollars. See , and National Association of Student Financial Aid Administrators (), and .

Opportunity Pool Loan. The term “opportunity pool loan” means a private education loan made by a lender to a student attending the institution or the family member of such a student that involves a payment, directly or indirectly, by the System of points, premiums, additional interest, or financial support to such lender for the purpose of such lender extending credit to the student or the family. See .

Revenue Sharing Arrangement. The term “revenue-sharing arrangement” means an arrangement between the System and a lender under which—

  1. a lender provides or issues a loan that is made, insured, or guaranteed under a federally funded loan program to students attending the System or to the families of such students; and
  2. the System recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the System, an officer or employee of the System, or an agent. See .

System. All institutions which compose the University of Nebraska System, or other institutions which are under the control and management of the Board of 春雨直播 of the University of Nebraska. See and (Reissue 2008).

Dissemination

This code of conduct shall be published prominently on the University of Nebraska System website and the website of the Nebraska College of Technical Agriculture at Curtis, the University of Nebraska at Kearney, University of Nebraska-Lincoln, University of Nebraska Medical Center, and University of Nebraska at Omaha. See .

All System Financial Aid Employees shall be annually informed of the provisions of this code of conduct. See .

Prohibitions

Ban on revenue-sharing arrangements. The System shall not enter into any revenue-sharing arrangement with any lender. See .

Gift ban. Financial Aid Employees shall not solicit or accept any gift from a lender, guarantor, or servicer of education loans. See .

Rule banning gifts to immediate family members. See for “immediate family” definition.

For purposes of this paragraph, a gift to a family member of student financial aid worker, or to any other individual based on that individual's relationship with the student financial aid worker, shall be considered a gift to the student financial aid worker if—

  1. the gift is given with the knowledge and acquiescence of the student financial aid worker; and
  2. the student financial aid worker has reason to believe the gift was given because of the official position of the student financial aid worker. See .

Contracting arrangements prohibited. A student financial aid worker 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. See .

Exceptions. Nothing in this subsection shall be construed as prohibiting—

  1. an officer or employee of the System who is not employed in the System's financial aid office and who does not otherwise have responsibilities with respect to education loans, or an agent who does not have responsibilities with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of education loans;
  2. an officer or employee of the System who is not employed in the System's financial aid office but who has responsibility with respect to education loans as a result of a position held at the System, or an agent who has responsibility with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of education loans, if the major administrative unit of the System has a written conflict of interest policy that clearly sets forth that officers, employees, or agents must recuse themselves from participating in any decision of the board regarding education loans at the System; or
  3. an officer, employee, or contractor of a lender, guarantor, or servicer of education loans from serving on a board of directors, or serving as a trustee, of a body at a major administrative unit of the System, if the System major administrative unit has a written conflict of interest policy that the board member or trustee must recuse themselves from any decision regarding education loans at the System. See .

Interaction with borrowers. The System shall not—

  1. for any first-time borrower, assign, through award packaging or other methods, the borrower's loan to a particular lender; or
  2. refuse to certify, or delay certification of, any loan based on the borrower's selection of a particular lender or guaranty agency. See .

Ban on offers of private loans. The System shall not request or accept from any lender any offer of funds to be used for private education loans (as defined in ), including funds for an opportunity pool loan, to students in exchange for the System providing concessions or promises regarding providing the lender with—

  1. a specified number of loans made, insured, or guaranteed under federally funded loan programs;
  2. a specified loan volume of such loans; or
  3. a preferred lender arrangement for such loans. See .

Ban on staffing assistance. The System shall not request or accept from any lender any assistance with call center staffing or financial aid office staffing. See .

Exceptions. Nothing in the paragraph above shall be construed to prohibit the System from requesting or accepting assistance from a lender related to—

  1. professional development training for financial aid administrators;
  2. providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials; or
  3. staffing services on a short-term, nonrecurring basis to assist the System with financial aid-related functions during emergencies, including State-declared or federally declared natural disasters, federally declared national disasters, and other localized disasters and emergencies identified by the Secretary. See .

Advisory board compensation. Any employee who is employed in a financial aid office of the System, or who otherwise has responsibilities with respect to education loans or other student financial aid of the System, and who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, shall be 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, commission, or group. See .

Enforcement

The President and Chancellor of each major administrative unit are responsible for assuring compliance with this code.

Financial Aid Employees who are found to have violated provisions of this code may be subjected to disciplinary action, up to and including termination of employment.

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