23-4.3:2 - Policies addressing student loan vendors - Virginia Statutes

§ 23-4.3:2. Policies addressing student loan vendors.

A. No employee at a Virginia public institution of higher education shalldemand or receive any payment, loan, advance, deposit of money, services oranything, present or promised, as an inducement for promoting any studentloan vendor.

B. No public institution of higher education shall enter into any agreementwith any student loan vendor that states or implies an exclusive relationshipbetween the school and vendor regarding student loans.

C. The State Council of Higher Education for Virginia, with the advice andinput of the governing boards of each public institution of higher education,shall develop policies and procedures for disclosing certain information tostudents on student lending practices. This information shall include (i) thecriteria used to determine which lenders, if any, are recommended or endorsedby the school, or included on a preferred lender list made available tostudents, and (ii) explicit notification that students are free to borrowfrom any lender of their choosing and are not limited to any lender orlenders suggested by the school.

(2008, c. 624.)