Commitment to a Code of Conduct Governing Student Loan Practices

In keeping with its role as a premier public university devoted to the highest standards, the College of William and Mary is committed to an environment of uncompromising integrity and ethical conduct with regard to its student loan practices. To that end, the College will abide by the following code of conduct:

1. Revenue Restrictions. The College of William and Mary and its employees may not receive anything of value from any lending institution in exchange for any advantage sought by the lending institution. Lenders may not pay for a place on the College's preferred lender list.
2. Gift and Travel Restrictions. Employees of the College may not take any gifts of value from any lending institution, when such things are offered in connection with the employee's 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. The College's preferred lender lists must be based solely on the best interests of the students who may use the list, without regard to the 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 must also 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. The College 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. The College may not permit employees or agents of lenders to identify themselves to students as employees of the College. No employee or agent of a lender may be employed by the Office of Financial Aid.

BE IT RESOLVED that the Board of Visitors of the College of William and Mary hereby adopts this code of conduct governing student loan practices and asks the President of the College to ensure that all employees of the College understand and adhere to it.

BE IT FURTHER RESOLVED that the Associate Provost for Enrollment, in coordination with the Director of Internal Audit, is asked to develop a process for compliance with this code of conduct and then report to the President of the College by November 15, 2007 and then by March 1 of each year thereafter that the College and its employees are in compliance with the code of conduct governing student loan practices.

BE IT FINALLY RESOLVED that the Board of Visitors directs the secretary to spread these sentiments upon the minutes of the Board.