Conflict of Interest Policies and Procedures Regarding Student Borrowing

Prescott College partners with several organizations in an effort to best serve our students’ needs with respect to student borrowing. These organizations include lenders and guarantee agencies. In establishing and maintaining these relationships, faculty and staff should always be cognizant of what is in the best interest of our students. In this regard, faculty and staff are expected to maintain a commitment to exemplary standards of professional conduct and ethical behavior.  The following are specific guidelines and examples of this ethical commitment in the area of student borrowing.

Lender Lists

• Prescott College will objectively evaluate all prospective and current lenders on an annual basis. This evaluation will include a Request for Proposal/Information and an objective process in scoring and evaluating lenders.  This shall be conducted by a committee appointed by the Director of Financial Aid. The committee will make recommendations to the President’s Circle for final approval. Additionally, lenders chosen through this process may be subsequently removed for failure to adequately serve the needs of students.
• Prescott College staff will make parents and students aware of their option to choose any lender. This choice will be clearly communicated on lender lists, the financial aid website, and whenever a parent or student inquires about student lending options.
• Prescott College will process loan applications, retrieve loan funds and refund loan proceeds in as timely a manner as possible, irrespective of students’ and parents’ chosen lenders.

Gifts of Nominal Value

• Prescott College faculty and staff may accept nominal gifts such as office supplies (pens, pencils, sticky notes, paper, etc) that are valued at less than $10 and that will be utilized for events such as financial literacy workshops, exit and entrance counseling, and orientations.

Revenue Sharing, Opportunity Pools, Stock Options

• Under no circumstances will Prescott College faculty and staff accept any form of remuneration from a lender in exchange for placement on a lender list or in exchange for loan volume.

Advisory Councils

• Prescott College faculty and staff may serve on lender and/or advisory councils. Expenses associated with these activities (meals, travel, hotel accommodations, etc.) must be covered by the individual and/or Prescott College.  At no time shall faculty or staff receive remuneration from the lender for such service.

The Prescott College Department of Financial Aid has also adopted the NASFAA (National Association of Student Financial Aid Administrators) Statement of Ethical Principles and its Code of Conduct for Institutional Financial Aid Professionals.

The Director of Financial Aid shall review this policy and procedure statement annually with all faculty and staff directly involved in the student borrowing process. 

Any questions or concerns regarding the Prescott College Department of Financial Aid Conflict of Interest Policies and Procedures Regarding Student Borrowing should be directed to Terri Eckel, Director of Financial Aid.