Student Loan Principles
WPI voluntarily abides by the U.S. Department of Education’s proposed rules regarding preferred lending lists and prohibition of inducements. The key elements of WPI’s compliance include:
- Protecting student and family choice of lenders;
- To base lists of preferred, recommended, or suggested lenders solely on the best interests of the student or parent borrowers, considering factors such as interest rates, fees, and loan benefits provided by the lender to the borrower;
- To not request or accept any payments or benefits of any kind from a lender in exchange for being included on a preferred or recommended lender list or in exchange for the school recommending the lender to its students or parents;
- To clearly and fully disclose to students and parents the criteria process used to select the lenders for preferred, recommended, or suggested lender lists;
- To ensure that employees of lenders who make loans to students or their parents do not identify themselves as employees of WPI and that employees or agents of a lender, servicer, or guaranty agency do not work in or provide staffing to WPI’s Financial Aid Office unless they do so at a fair market value; and
- To ensure that WPI’s employees do not receive any gift, including travel gifts, of more than nominal value from any lender, servicer, or guaranty agency.