Student Financial Services Loan Policies
Code of Conduct
Westmont College will not recommend particular private (alternative, non-federal) lenders in exchange for material benefits to the institution or Westmont College employees.
Westmont will not accept gifts from lenders or servicers including any gratuity, favor, discount, entertainment, hospitality, loan, or other item valued at more than a nominal amount. The term “gift” would not apply to informational material related to loans or financial literacy. Similarly, food, refreshments, training, or informational material that is an integral part of a training session designed to contribute to the professional development of Westmont’s employees would be allowed.
Entrance and exit counseling provided by lenders or servicers would be allowed, provided that a Westmont staff member controls the counseling and that the counseling does not favor a single lender.
Westmont employees will not accept a gift for a family member or friend if the gift was given because of his or her position.
Westmont will not accept any private loan funds from a lender in exchange for concessions or promises to the lender.
Westmont College staff will not participate in any lender advisory councils. We may offer advice to lenders in order to improve their products and services for borrowers, as long as no compensation is provided.
Loan Cancellation
Student Financial Services will notify the student or parent borrower if the school credits a student’s school account with any loans. This notice will be issued no earlier than 30 days before and no later than 30 days after the student’s account is credited. The notice will include:
- The date and amount of the disbursement.
- A statement explaining the student or parent borrower’s right to cancel all or a portion of the loan or loan disbursement and have the proceeds returned to lender.
- The method and date by which the student or parent borrower must notify the school that he or she wishes to cancel all or a portion of the loan or loan disbursement.
If a student wishes to cancel all or a portion of their loan, they must notify Student Financial Services within 14 days of receiving their notice or by the first day of the payment period.
Repayment and Deferment
All federal, Westmont and private loans must be repaid. Federal and Westmont loans have a 6-month grace period before repayment begins. Private loan grace periods may vary.
Terms of repayment and deferment options are available at Entrance and Exit sessions. Examples of cancellation or deferment options include service in the Peace Corps., service under the Domestic Volunteer Service Act of 1973.
Repayment schedules are available to students at the Student Financial Services Office. They may also be available with loan materials. Students with questions about student loan repayment, deferment, forbearance or other questions about education loans are encouraged to contact Student Financial Services.
Entrance Counseling
All first-time loan borrowers must complete an entrance loan session if they are first-time students at Westmont College.
Federal Ombudsman
If borrowers have situations that cannot be resolved through reasonable effort with a school or federal loan servicer, they may contact the Federal Student Aid Ombudsman Group:
US Department of Education
FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633
Phone: (877) 557-2575
FAX: (606) 396-4821