As a participant in the Federal Direct Loan Program, Victoria College processes federal loans directly through the federal government. VC is committed to the following best practices with respect to private loans:
- VC will not enter into any revenue-sharing arrangement with any lender.
- VC and its employees whose work relates to financial aid will not solicit any gift and will not accept any gift of more than a nominal value from student loan companies, guaranty agencies, or loan servicers.
- VC will not assign a borrower’s loan to a particular lender or refuse or delay certification of a loan based on a borrower’s selection of a lender or servicer.
- VC will not request or accept from any lender an offer for student loan funds, including funds for an opportunity pool loan, in exchange for a promise of a certain number of loans or a specified loan volume.
- VC will not allow employees of student loan companies to staff its Financial Aid Office or other financial aid offices or to answer student or parent calls.
- VC employees whose work relates to financial aid will not accept any fee, stipend, honorarium, or other payment to consult for or provide services to a lender guaranty agency or loan servicer.
- VC employees whose work relates to financial aid may serve on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, however, will not accept anything of value (other than reimbursement for reasonable expenses) for such service.