The Specs Howard School of Media Arts is a participant in the William D. Ford Federal Direct Loan Program. Direct Loans are low-interest loans for students and parents to help pay for the cost of a student’s education. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. Though the majority of aid recipients receive loans through federal programs, private (also called alternative) student loans can be a valuable tool in meeting the student’s educational goals. In processing private student loans, the Student Financial Aid Department adheres to the following principles:
- No fee or material benefits are received from lenders in exchange for the promotion or processing of its loans.
- No employee of the Financial Aid Department may receive gifts from a lender, guaranty agency or loan servicer.
- No employee of the Financial Aid Department may enter into a contracting arrangement with a lender or affiliate that provides a fee, payment, or compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.
- The Financial Aid Department will not refuse to certify nor will it delay certification of any private education loan based on the borrower’s selection of a particular lender or guaranty agency.
- The Financial Aid Department does not request or accept any staffing assistance from lenders.
- Financial Aid Department employees are prohibited from receiving advisory board compensation, with the exception of reimbursement for reasonable expenses incurred.
All terms and their usage are as defined in Section 493 of the Higher Education Opportunity Act of August 14, 2008.
The Financial Aid Department at the Specs Howard School of Media Arts is committed to providing the highest level of service to its students and their families. We believe that the foundation of our service to students is grounded in the adherence to strict ethical and professional standards. It is our objective to administer the various financial aid programs in accordance with all governmental regulations and Specs Howard School policy and procedures.