The Florida Board of Governors approves a new code of conduct for public university administrators to make sure they don't personally benefit from loan companies.
The plan was formed by Florida Attorney General Bill McCollum. He says it will help ensure that university officials don't take any favors from loan companies for preferential treatment.
There have been some examples nationwide in which lenders have given university loan officers gifts, trips and stock benefits for steering students to certain loan companies.
In New York, administrators were suspended at six universities for allegedly accepting fees and stocks from a lender. The new code of conduct prohibits any university employees from accepting cash, stocks, gifts, entertainment or trips from a loan company.
Plus, it bans the practice of allowing lenders to staff university financial aid offices.
McCollum says there's no evidence of kickbacks at Florida's public universities, but his investigation continues into several private colleges.
Source:-http://www.wmbb.com/gulfcoastwest/mbb/news.apx.-content
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Students financial aid