Financial Aid Code of Conduct
Financial Aid Rights and Responsibilities
Each financial aid applicant and recipient has the right to know: what financial aid programs are available at Davis & Elkins College; application deadlines, procedures and forms for available financial aid programs; how financial aid is distributed and the basis for those decisions; how financial need and budgets (including costs for tuition, fees, room, board, books, supplies, personal and miscellaneous expenses) are determined; what resources (such as parental contribution, other financial aid, student assets, etc.) are considered in the calculation of need; the College’s Title IV refund policy; how the College determines whether the recipient is making satisfactory academic progress and what happens if he/she is not; what portion of the financial assistance received must be repaid and what portion is grant or scholarship aid; the interest rate, total amount to be repaid, and repayment procedures (including when repayment begins and the length of repayment) for any loan awarded; and an explanation of each program in the student’s aid package.
Each applicant and recipient is responsible for: completing all application forms accurately and honestly and providing the Office of Financial Planning with correct information, reporting incorrect information is a violation of the law; being aware of, and complying with, deadlines for assistance applications and reapplication; keeping the Office of Financial Planning informed of any changes in the student’s financial situation and/or enrollment status; promptly returning or submitting all documentation, corrections and/or new information requested by the Office of Financial Planning; notifying the Office of Financial Planning of any assistance (scholarships, grants, stipends, etc.) received from outside sources; maintaining satisfactory academic progress as specified by the College’s Satisfactory Academic Progress Policy; knowing the costs of attending the College; knowing the College’s Title IV refund policy; knowing the appeal procedure for financial assistance; and notifying the College of address changes.
Student Lending Code of Conduct
In compliance with Section 493(e) of the Higher Education Opportunity Act (HEOA), Davis & Elkins College has developed and enforces the following Student Lending Code of Conduct:
- Davis & Elkins College does not solicit or participate in any fee, revenue or profit-sharing arrangements with any lender;
- Davis & Elkins College does not permit any officer, employee or agent of the school who is employed in the Office of Financial Planning or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender, guarantor or servicer;
- Davis & Elkins College does not permit a family member of any officer, employee or agent of the school who is employed in the Office of Financial Planning or is otherwise involved in the administration of education loans to accept any gifts if:
- The gift is given with the knowledge and acquiescence of the College’s officer, employee or agent; or
- The College officer, employee or agent has reason to believe the gift was given because of that person’s official position with the College.
- Davis & Elkins College does not permit any officer, employee or agent of the school who is employed in the financial planning office or is otherwise involved in the administration of education loans to accept any fee, payment or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating to education loans;
- Davis & Elkins College does not permit any officer, employee or agent of the school who is employed in the Office of Financial Planning or is otherwise involved in the administration of education loans to accept any thing of value from a lender, guarantor or group of lenders and/or guarantors in exchange for service on an advisory board, commission or other group established by such a lender, guarantor group of lenders and/or guarantors. Davis & Elkins College does, however, allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders, guarantors or groups of lenders and/or guarantors;
- Davis & Elkins College does not permit any officer, employee or agent of the school who is employed in the Office of Financial Planning to serve on or otherwise participate in a lender’s, lender servicer’s or guarantor’s board of directors. Moreover, the College does not permit any officer, employee or agent of the school who is employed in the Office of Financial Planning or is otherwise involved in the administration of education loans to serve on or otherwise participate in a lender’s, lender servicer’s or guarantor’s board of directors if he or she will participate in any decision of the board with respect to private education loans offered to students that attend the College;
- No officer, employee, agent or contractor of a lender, lender servicer or guarantor may serve on the Davis & Elkins College Board of Trustees, if that individual will participate in any decision of the Board with respect to private education loans offered to students that attend the College;
- Davis & Elkins College does not assign a lender to any first-time borrower through financial aid packaging or any other means;
- Davis & Elkins College recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education. Davis & Elkins College will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower’s selection of a lender and/or guarantor;
- Davis & Elkins College will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans, or a preferred lender arrangement for Title IV loans;
- Davis & Elkins College will not request or accept any assistance with call center or Office of Financial Planning staffing.
- Davis & Elkins College will not accept philanthropic contributions from a lender, lender servicer or guarantor that are related to the educational loans provided by the lender, lender servicer or guarantor to the College, or that are made in exchange for any advantage related to educational loans. In addition, the College will not accept financial aid funds under any Title IV, State or private program from a guarantor based on an agreement to use the guarantee agency for processing loans, or to provide a specified volume of loans using the agency’s guarantee. The College is permitted, however, to accept philanthropic contributions from a lender, lender servicer or guarantor that are not related to the education loans provided by the lender, lender servicer or guarantor, and that are not made in exchange for any advantage to the lender, guarantor or servicer;
- Students working in the Office of Financial Planning must not in any way process, award or certify their own or any relative or associate’s application for financial aid:
- Records (both electronic and hard copy) that need to be updated in relation to student’s financial aid application are not to be updated or altered in any way by a student employee assigned to the Office of Financial Planning;
- Student employees may, however, accept favorable terms, conditions and borrower benefits on an education loan if the terms, conditions and benefits on the employee’s loan are comparable to those provided to all of the College’s students.
- Office of Financial Planning officers, employees or agents assigned to work on loan processing matters may not be debarred or suspended by a federal agency. Any staff member that has been found to be suspended or debarred by a federal agency is subject to a range of administrative actions to include termination of employment.
- The College will not permit a lender or guarantor to print and distribute the College’s Catalogs and other non-counseling or non-student financial aid-related materials at reduced or no cost. Moreover, the College will not permit a lender with whom it has a preferred lender arrangement for private education loans to use the Davis & Elkins College name, emblem, mascot, logo, other words, pictures or symbols readily identified with the College in the marketing of private education loans to students or parents in a way that implies that the loan is offered or made by the College instead of the lender. The College will ensure that the name of the lender is displayed on all information and documentation relating to the lender’s private education loans;
- The College will not accept from a Federal Family Education Loan Program (FFELP) or private lender, lender servicer or guarantor computer hardware or computer software at below market rental or purchase cost that is unrelated to education loan processing or financial aid. In addition, the College will not accept free data transmission services from a FFELP lender or guarantor that is unrelated to electronic loan processing or, for FFELP loans, student status confirmation data.
Terms and Conditions of Accepting Financial Aid Award
To apply for scholarships, students simply indicate their interest on the admission application.
To apply for need-based financial aid, students submit a completed Free Application for Federal Student Aid (FAFSA) online at www.FAFSA.gov after January 1. The determination of eligibility for financial assistance is accomplished through a process referred to as need analysis. Information provided on the FAFSA is evaluated in accordance with federal and institutional guidelines and formulas. Because eligibility is determined by a variety of factors, there are no fixed income cut-offs for most aid programs. A determination of ineligibility for federal aid does not necessarily exclude the student from other forms of assistance. Several types of institutional aid and other non-need-based programs may be available. Approximately two weeks after submitting the FAFSA online, a Student Aid Report (SAR) will be emailed to the student. The student should review the report carefully for errors; if any are found, the student must make corrections to the FAFSA online and notify the Davis & Elkins Office of Financial Planning immediately of any such changes.
Early application may increase chances of receiving assistance. However, the FAFSA cannot be submitted prior to January 1.
West Virginia residents must submit the FAFSA prior to March 1 to apply for the West Virginia PROMISE Scholarship and prior to April 15 to apply for the West Virginia Higher Education Grant.
Eligibility Requirements for Title IV Funds
In order to meet general Title IV eligibility requirements for financial aid, the student must:
- Be enrolled as a student in an eligible program of study;
- Not be enrolled simultaneously in elementary or secondary school;
- Have a high school diploma or a recognized equivalent;
- Have a valid Social Security Number, if required;
- Be a U.S. citizen or eligible noncitizen;
- Be registered with Selective Service, if required;
- Sign a Statement of Educational Purpose, which certifies that he or she will use federal student financial aid only to pay educational costs;
- Not be in default on a Title IV loan or, if in default, have made satisfactory repayment arrangements with the loan holder;
- Have not obtained loan amounts that exceed annual or aggregate loan limits made under any Title IV loan program;
- Not be liable for an over payment of a Title IV grant or Federal Perkins Loan or, if liable, have made satisfactory repayment arrangements with the holder of the debt;
- Be making Satisfactory Academic Progress (SAP);
- Not have property which is subject to a judgment lien for a debt owed to the U.S. or, if subject to a judgment lien, have made satisfactory repayment arrangements with the debt holder;
- Not have been convicted of an offense involving the possession or sale of illegal drugs that occurred while the student was enrolled and receiving Title IV aid;
- Have completed repayment of funds to either the Department of Education or the holder of a loan, as applicable, if the student has been convicted of, or plead nolo contendere or guilty to, a crime involving fraud in obtaining Title IV aid.
The Office of Admission is responsible for certifying, upon admission, that a student is enrolled in an eligible program and that he or she has a high school diploma or recognized equivalent. When an admitted student files the Free Application for Federal Student Aid (FAFSA) and an Institutional Student Information Record (ISIR) is received by the College, the Office of Financial Planning documents that the student has a valid Social Security Number, is a U.S. citizen and is registered for Selective Service, if required. Upon receipt of an ISIR, the Office of Financial Planning staff also verifies, through the National Student Loan Data System (NSLDS), that a student is not in default on a title IV loan, has not exceeded annual or aggregate loan limits and it not liable for an over payment of a Title IV grant or loan. The ISIR also indicates whether or not a student has property that is subject to a federal lien whether or not he or she has been convicted of an illegal drug offense and whether or not the student has completed repayment of funds if previously convicted of Title IV fraud.