STUDENT LENDER CHOICE1 -- COCC and its employees are prohibited from assigning a lender to a borrower or refusing to certify a loan for a borrower's choice of lender or guarantor.
PREFERRED LENDER GUIDELINES1,2 -- COCC “preferred lender lists” must be based on the characteristics of the education loan products – including interest rates, borrower benefits, and services to borrowers – offered by the listed education loan lending institutions rather than on the financial interests of COCC.
PREFERRED LENDER DISCLOSURE1,2 -- All preferred lender lists must clearly and fully disclose the criteria and process used to select preferred lenders. Every brochure, web page or other document that sets forth a preferred lender list shall state in the same font and same manner as the predominant text on the document that students and their parents have the right and ability to select the lender of their choice and are not required to use any lenders on the preferred lender list.
REVENUE SHARING PROHIBITION1,2 -- COCC and its employees are prohibited from receiving anything of value from any education loan lending institution in exchange for promoting the education loan products of that lending institution. This provision does not prohibit COCC employees from receiving compensation for conducting non-COCC business with any education loan lending institution or from accepting compensation that is offered to the general public. This provision also does not prohibit COCC from accepting charitable contributions from an education loan lending institution, so long as COCC gives no competitive advantage or preferential treatment to the education loan lending institution related to its education loan activity in exchange for such support.
CONFLICTS OF INTERESTS AND CONTRACTS PROHIBITION1 – COCC is prohibited from engaging in any activity which would constitute a conflict of interest with any lender and is prohibited from any contracting arrangements with a lender that provides compensation to school staff.
GIFT AND TRIP PROHIBITION1,2 -- COCC employees are prohibited from receiving anything of more than nominal value ($50) from any education loan lending institution during any 12-month period. This prohibition includes trips for COCC employees paid for by education loan lenders; except that this provision shall not be construed to prohibit any COCC employee from receiving compensation for the conduct of non-COCC business with any education loan lending institution, or from accepting compensation that is offered to the general public.
ADVISORY BOARD COMPENSATION RULES1,2 -- COCC employees are prohibited from serving on the advisory board of any education loan lending institution. Education loan lending institutions may obtain advice and opinions of financial aid officials on financial aid products and services through Trade Associations, industry surveys or other mechanisms that do not require service on education loan lending institution advisory boards, provided such person receives no compensation for such service. This provision shall not apply to participation on advisory boards that are unrelated in any way to financial aid or higher education loans.
PREFERRED LENDER DISCLOSURE1,2 -- All preferred lender lists must clearly and fully disclose the criteria and process used to select preferred lenders. Every brochure, web page or other document that sets forth a preferred lender list shall state in the same font and same manner as the predominant text on the document that students and their parents have the right and ability to select the lender of their choice and are not required to use any lenders on the preferred lender list.
USE OF MASCOT, LOGO, EMBLEM, OR NAME BY LENDERS2 -- COCC shall not authorize or permit an education loan lending institution to use the name, emblem, mascot, or logo of COCC; or words, pictures, marks, or symbols readily identified with COCC; in the marketing of education loans in any way that implies that COCC endorses those loans.
LOAN RESALE DISCLOSURE2 -- To be eligible to appear on a preferred lender list, a lender must disclose any agreement(s) to sell its loans to another entity. In addition, no lender may bargain to be a preferred lender with respect to a certain type of loan by providing benefits to COCC as to another type of loan.
LENDER IDENTIFICATION REQUIREMENT1,2 -- COCC will not permit employees of education loan lending institutions on campus to identify themselves as employees of COCC, and no employee of an education loan lender may work in or provide staffing assistance to a COCC financial aid office; except that employees of COCC that also make education loans may perform their normal functions as long as those functions comply with relevant laws and regulations, and with the other items of this Code of Conduct.
(1) In accordance with disclosure requirements prescribed by the Higher Education Opportunity Act of 2008.
(2) In accordance with the Oregon College Loan Code of Conduct developed by the Oregon Attorney General’s Office on April 30, 2008.