Financial Aid Office - Student Financial Aid - Lake Land College, Mattoon Illinois
Code of Conduct
All Lake Land College (LLC) employees who are in any way responsible for the administration of student educational loans will adhere to the Lake Land College Student Loan Code of Conduct. This includes all Financial Aid Staff, Administrators, and Business Office personnel who deal with loans and anyone who otherwise has responsibility, authority or involvement in decision making regarding student loans.
Prohibition against remuneration to LLC
LLC will not solicit, accept or agree to accept anything of value from any Lending Institution, Guarantee Agency, or Servicer in exchange for any advantage or consideration provided by the Lending Institution related to its student loan activity. This prohibition covers, but is not limited to:
Revenue Sharing Arrangements
Any computer hardware which LLC pays below market prices
Any computer software used to manage loans unless the software can manage disbursements from all lenders
This does not prevent LLC from soliciting, accepting or agreeing to favorable terms and conditions where the benefit is made directly to student borrowers.
Prohibition against remuneration to LLC Employees
LLC will require and enforce that no officer, trustee, director, employee or agent of the college will accept anything more than a nominal value on his or her behalf or on behalf of another during any 12 month period from, or on behalf of any Lending Institution, Guarantee Agency or Servicer.
This prohibition will include, but not be limited to a ban on any payment or reimbursement from any Lending Institution, Guarantee Agency or Servicer to college employees for lodging, meals or travel to conferences or training seminars.
This does not preclude any officer, trustee, director, employee or agent of the college from receiving compensation for conducting non-college business with a Lending Institution, Guarantee Agency or Servicer or from accepting compensation that is offered to the general public.
This prohibition does not prevent the college from holding membership in any non-profit professional associations.
Ban of gifts
No LLC employee involved in the affairs of the college’s financial aid office shall solicit or accept any gift from a lender, guarantor or servicer of educational loans.
Gifts are defined, but not limited to:
Any type of gratuity, favor, discount, entertainment, hospitality, loan, or other item having more than a token monetary value. 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.
The following items are not considered to be “gifts”
Exit counseling services provided to borrowers to meet LLC’s responsibilities for exit counseling as required by law as long as LLC staff are in control of the counseling and such counseling does not promote the products or services of any specific lender.
Philanthropic contributions that are unrelated to educational loans or any contribution not made in exchange for any advantage related to educational loans.
State education grants, scholarships, or financial aid funds administered by or on behalf of a State.
Ban of gifts to family members
Gifts to family members of any officer, trustee, director or university employee will be considered a gift to any officer, trustee, director or college employee if:
The gift is given with the knowledge and acquiescence of the officer, trustee, director or college employee (and)
The officer, trustee, director or college employee has reason to believe the gift was given because of the official position of said officer, trustee, director or college employee.
Limits of college employees participating on lender advisor boards
LLC will require and enforce that no officer, trustee, director or employee of the college receive any remuneration for serving as a member or participant of any advisory board for any Lending Institution, Guarantee Agency or Servicer or receiving any reimbursement of expenses from said participation.
This does not preclude any officer, trustee, director or employee from participating on any lender advisory board that is unrelated to student loans.
This does not preclude any LLC employee not involved in the affairs of the college’s financial aid office from serving on the Board of Directors of a publicly traded or privately held company.
Contracting arrangement prohibited
Any officer, trustee, director of employee is prohibited form accepting any payments of any kind from a lender in exchange for any type of consulting services related to educational loans.
This does not prevent anyone else in the college who has nothing to do with student loans from entering into these arrangements.
This does not prevent anyone not employed in the financial aid office who has ‘some’ responsibility for student loans from entering into these arrangements if that individual, in writing, excuses him or herself from any decision regarding educational loans.
This does not prevent anyone from serving on a Board of Directors or trustee of an institution if the individual excuses him or herself from any decision regarding educational loans.
Revenue sharing agreements prohibited
LLC will not enter into any revenue sharing agreement where:
A lender provides or issues a loan that is made, insured, or guaranteed under this title to students attending the institution or to the families of such students; and
Where LLC recommends the lender and in exchange the lender pays a fee or provides other material benefits.
Prohibition on offers of funds for private loans
LLC will not request or accept any agreement or offer of funds fro private loans in exchange for concessions or promises of:
A specific number of loans made, insured or guaranteed
A specific loan volume
A preferred lender arrangement
Ban on staffing assistance
LLC will not request or accept from any lender any assistance will call center staffing or financial aid office staffing.
This does not include:
Professional development training for financial aid administrators
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.
Staffing services on a short-term, nonrecurring basis to assist the institution with financial aid related functions during emergencies, including State declared or federally declared natural disasters.
Interaction with borrowers
LLC participation in the Federal Direct Loan Program and all student and parent borrowers falls under that program. With respect to alternative loans:
LLC will not, for any first-time borrower assign, through award packaging or other methods, the borrower’s loan to a particular lender.
LLC will not refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guarantee agency.
2014-15 FAFSA Available NOW!
Complete or renew your FAFSA for Fall 2014. Funds are limited, so don't delay, APPLY TODAY!
Financial Aid on LLC Hub/IRIS
You can now check the status of your FAFSA application and documents on the Hub/IRIS. Simply log in, and click on Financial Aid "Status and Documents". Awards can also be viewed there.
Check Your Lake Land E-mail!
Important financial aid updates and information is being sent via LLC e-mail. Be sure to check it regularly!
Get Your Refund Faster!
Sign up for Direct Deposit! Log on to IRIS, click on Student Refunds-Bank Info, and enter your info.