WFSM Financial Aid Office Code of Conduct
The purpose of this Code of Conduct is to restate existing policies as they relate to Wake Forest University School of Medicine's relationships with student loan lenders/providers.
Educational loans are an essential component of funding educational costs. The Wake Forest University School of Medicine Office of Financial Aid attempts to find the best possible lenders from which students and their families borrow funds for medical education. The Office of Financial Aid annually reviews federal student loan providers, carefully considering the lender's stability in the marketplace, competitive loan pricing with achievable borrower benefits, customer service to borrower and school, and ability to service the loan. Financial literacy and debt management materials and services for borrowers, on-line access, and other information and tools available to the borrower are also considered.
Although the Office of Financial Aid provides a list of recommended lenders, students are advised of their right to borrow from any authorized education loan lender. Wake Forest University School of Medicine adheres to the following principles in counseling students on financial aid decisions and in working with student loan lenders:
- WFUSM will inform prospective student-borrowers of federal student loan options before private loans are extended.
- WFUSM and its employees (including employee family members) may not accept financial benefits or services of material value from student loan providers. This includes gifts, favor, discounts, meals, travel, lodging, entertainment, gratuity, money, equipment, or printing services of more than nominal value from student loan providers. This prohibition does not apply to informational material and training related to loans or financial literacy.
- WFUSM employees may not receive anything of more than nominal value for serving on an advisory board of any lender.
- WFUSM may provide a list of recommended student loan providers. This list will include at least three lenders that are not affiliated with each other, and will disclose the reasons each lender appears on the list. WFUSM will choose lenders that do not sell their loans or who guarantee that all borrower benefits will be guaranteed if the loan is sold. The recommended lender list will be reviewed annually.
- Employees of lenders will not be permitted to provide staffing assistance to the Office of Financial Aid.
- WFUSM will seek to protect the confidentiality of lending information and will not knowingly cooperate with any lenders or agents in the marketing of financial products to students.
- All employees with student aid responsibilities will be trained annually on code of conduct compliance.
Wake Forest University School of Medicine is a member of the National Association of Student Financial Aid Administrators (NASFAA). Our practices are in accordance with NASFAA's Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. In addition, we abide by the Association of American Medical Colleges Group on Student Affairs Statement of Effective Interactions in Financial Aid.