Student Loan Code of Conduct

Masto and Nevada state colleges & universities announce adoption of student loan code of conduct

Reno, Nevada // June 19, 2008 -- Attorney General Catherine Cortez Masto and University Chancellor Jim Rogers announced today that the Nevada System of Higher Education has adopted and agreed to abide by the Nevada Student Loan Code of Conduct. The Code was designed to assure students and their parents have adequate information and protection when choosing a lender.

The Attorney General’s Office has been working closely with representatives of NSHE over the past several months to outline the goals of the Code of Conduct and to develop the final written Code. Among the ten provisions listed in the Code, colleges and universities are prohibited from receiving anything of value from any lending institution in exchange for preferential treatment. In addition, on all “preferred lender lists,” colleges must fully disclose the criteria and process used to select preferred lenders.

“Students and parents deserve full disclosure when making important financial decisions about student loans,” said Attorney General Masto. "This partnership will help current and future Nevada university students and their families by ensuring they have adequate information and protection when choosing a lender. “

“What this does is codify that our colleges and universities are committed to helping students find the best financial aid options available to them, in the most transparent and affordable manner possible” said Vice Chancellor of Academic and Student Affairs Jane Nichols.

Masto applauded the NSHE for its dedication to Nevada’s college students, and expressed appreciation to the Attorney General’s Bureau of Consumer Protection for working with the NSHE in the drafting and execution of the final Code document.