With respect to participation in the U.S. Department of Education Title IV student loan program, it is the purpose and guarantee of Elite Welding Academy to adhere to the following provisions in accordance with the Federal Student Aid regulation, Section 487: Program Participation Agreements (20 U.S.C. § 1094) Code of Conduct (§§ 487(a)(25), 487(e).):
• Conflicts of interest are prohibited with respect to the loans.
• Revenue sharing arrangements are prohibited with any lender.
• The solicitation or acceptance of gifts from a lender, guarantor or servicer is prohibited by anyone with responsibilities with respect to education loans at Creative Images.
• Receipt of any fees, payments or other financial benefits for consulting services are prohibited by anyone with responsibilities with respect to education loans.
• The assignment of a first-time borrower’s loan to a particular lender is prohibited and Elite Welding is required to certify and not delay certification of any loan regardless of the lender or guaranty agency the borrower selects.
• The acceptance of any funds to be used for private education loans in exchange for Elite Welding providing concessions to the private lender is prohibited.
• Elite Welding is prohibited from accepting assistance with call center staffing or financial aid office staffing from any lender. Elite Welding may, however, accept professional development training for its financial aid administrators, counseling, financial literacy, and debt management materials from lenders as well as short term, non-recurring staffing assistance during an emergency.
• Any employee with responsibilities with respect to financial assistance at Elite Welding who serves on an advisory board or commission of a lender or guarantor may not accept anything of value from the lender or guarantor except reimbursement for the reasonable expenses of serving on the board or commission.