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NYIT has entered into an agreement with the New York State Attorney General in regards to compliance with the following Code of Conduct as it relates to the administration of Title IV federal loans. This Code of Conduct also complies with the Higher Education Opportunity Act (HEOA) enacted August 14, 2008.
The HEOA requires educational institutions to develop and comply with a code of conduct that prohibits conflicts of interest for any financial aid personnel or any NYIT officer, employee, or agent who has responsibilities with respect to student educational loans. [HEOA § 487(a)(25)]
The purpose of this Code of Conduct is to ensure that all employees of the college, particularly those involved in the affairs of the Office of Financial Aid, understand their obligations to protect the rights and serve only the interests of students and parents.
The following provisions bring NYIT into compliance with the federal law [HEOA § 487(e)]
Revenue Sharing Arrangements
A “revenue sharing arrangement” is an arrangement between an institution and lender (making loans per Title IV), wherein the institution 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 institution, an office or employee of the institution. New York Institute of Technology will not enter into any type of revenue sharing arrangement with any lender.
No officer or employee of NYIT who is employed in the Office of Financial Aid or who otherwise has responsibilities with respect to education loans, or agent who has responsibilities with respect to education loans, or any of their family members, shall solicit or accept any gift from a lender, guarantor, or servicer of education loans. For purposes of this prohibition, the term “gift” means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value. However, a gift does not include (1) a brochure, workshop, or training using standard materials relating to a loan, default aversion, or financial literacy; (2) food, training, or informational material provided as part of a training session designed to improve the service of a lender, guarantor, or servicer if the training contributes to the professional development of NYIT’s office, employee, or agent; (3) favorable terms and benefits on an educational loan provided to a student employed by NYIT if those terms and benefits are comparable to those provided to all students at NYIT; (4) entrance and exit counseling as long as NYIT’s staff are in control of the counseling and the counseling does not promote the services of a specific lender; (5) philanthropic contributions from a lender, guarantor, or servicer that are unrelated to education loans or any contribution that is not made in exchange for advantage related to education loans, and; (6) State education grants, scholarships, or financial aid funds administered by or on behalf of the State of New York.
An officer or employee of NYIT who is employed in the Office of Financial Aid or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, 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.
NYIT shall not: a. for any first time borrower, assign, through award packaging or other methods, the borrower’s loan to a particular lender; or b. refuse to certify, or delay certification of, any private loan based on the borrower’s selection of a particular lender or guaranty agency.
Opportunity Pool Loan
NYIT shall not request or accept from any lender any offer of funds to be used for private education loans, including funds for an opportunity pool loan, to students in exchange for the institution providing concessions or promises regarding providing the lender with: a. a specified number of loans made, insured, or guaranteed under Title IV; b. a specified loan volume of such loans; or c. a preferred lender arrangement for such loans.
NYIT shall not request or accept from any lender any assistance with call center staffing or Office of Financial Aid staffing. However, a lender may provide professional development training, educational counseling materials (as long as the materials identify the lender that assisted in preparing the materials), or staffing services on a short term, nonrecurring basis during emergencies or disasters.
Advisory Board Compensation
Any employee who is employed by the Office of Financial Aid, or who otherwise has responsibilities with respect to education loans or other student financial aid, 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 the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group.