College Loan Code of Conduct

1. Revenue Sharing Restrictions
   Colleges may not receive anything of value from any lending institution in exchange for any
   advantage sought by the lending institution. Lenders cannot pay to get on a school’s
   preferred lender list.
2. Gift and Trip Restrictions
   College employees may not take anything, including trips, of more than nominal value from
   any lending institution, when such things are offered in connection with the employees’
   financial aid work.
3. Advisory Board Compensation Rules
   College employees with responsibility for financial aid work may not receive anything of
   value for serving on the advisory board of any lending institution.
4. Preferred Lender Guidelines
   College preferred lender lists must be based solely on the best interests of the students who
   may use the list without regard to financial interests of the college.
5. Preferred Lender Disclosure
   On all preferred lender lists, the college must clearly and fully disclose the criteria and
   process used to select preferred lenders. Students also must be told that they have the right
   and ability to select the lender of their choice regardless of the preferred lender list.
6. Loan Resale Disclosure
   Colleges may not permit a lender to appear on a preferred lender list unless the lender
   agrees to disclose to the student at the time of the loan any pre-existing agreement to sell
   the loan to another lender.
7. Call Center Restrictions
   Colleges  may not permit employees or agents of lenders to identify themselves to students
   as employees of the colleges. No employee or agent of a lender may be employed by a
   college financial aid office.
   
   Maryland Office of the Attorney General
   200 St. Paul Place  •  Baltimore, MD 21202  •  410-576-6300
   www.oag.state.md.us
   To download, click here

Related Offices

Office of the Registrar

Student Financial Services