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SLATE. Heather McDonnell NYSFAAA President Sarah Lawrence College. Greetings!. The Land of “He Who Must Not Be Named”. What is it?. We only wish…. SLATE. Student Lending Accountability , Transparency and Enforcement Act. Words. “Prohibition” 22 times “Misleading” 13 times

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SLATE

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  1. SLATE Heather McDonnell NYSFAAA President Sarah Lawrence College

  2. Greetings! The Land of “He Who Must Not Be Named”

  3. What is it? • We only wish….

  4. SLATE • Student Lending Accountability, Transparency and Enforcement Act

  5. Words • “Prohibition” 22 times • “Misleading” 13 times • “Disclosure” 10 times • “Inducement” 10 times

  6. Accountability • Main Entry: • ac·count·abil·i·ty • Pronunciation: • \ə-ˌkau̇n-tə-ˈbi-lə-tē\ • Function: • noun • Date: • 1794 • : the quality or state of being accountable; especially : an obligation or willingness to accept responsibility or to account for one's actions <public officials lacking accountability>

  7. Transparency • Main Entry: • trans·par·ent\ • Function: • adjective2 a: free from pretense or deceit :frankb: easily detected or seen through :obviousc: readily understood d:characterized by visibility or accessibility of information especially concerning business practicessynonyms see clear

  8. Enforcement Yes, sir?

  9. Issues • Clear and concise plain language • Gifts • Preferred Lender Lists • Lenders as staff • Quid Pro Quo • New Latin, something for something • Date: 1582 • : something given or received for something else; also : a deal arranging a quid pro quo

  10. Clear and Concise? • It’s not brain surgery! • Can your next door neighbor comprehend what the message is in all of your publications? • Website • Student Handbook • Viewbooks • Recruiting materials

  11. Gifts • Shall be of nominal value • Does not include promotional literature • Does not include food, refreshments or training materials if related to a training session • Does not include private philanthropic activities that are unrelated to educational loan activity

  12. Preferred Lender Lists • Disclosure! • Process • Methods and Criteria • Sale of loan portfolio • Same font and manner of the rest of the text • Reviewed annually • No Quid Pro Quo

  13. Lender Staffing • Nothing shall be in exchange for a placement on the PLL • Employee must identify lender association • Call Centers • Entrance/Exit Interviews • No sales pitch • Temporary “emergency” office staff • Limited time allowed

  14. Just who is a Lender? • Any entity that makes or securitizes educational loans through itself or an affiliate • Any entity that guarantees educational loans • Any industry, trade or professional entity that receives money related to educational loan activities from either of the above

  15. XXSFAAA as a Lender • We don’t know… • NYSFAAA has put forth this definition of educational loan activities: • Any activity directly related to the marketing, acquisition or distribution of educational loans

  16. SLATE Date • If the NYS institution did not previously sign a Code of Conduct with the Attorney General then NOVEMBER 26, 2007!

  17. Thanks for being great neighbors!

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