CalArts adheres to the Department of Education’s Program Participation Agreement (PPA). In order to ensure CalArts compliance with the Code of Conduct, please be aware of the following commitments.
CalArts agrees to provide:
Detailed information about the terms and conditions of the loans offered by our suggested lenders, as required under section 153(a)2(a) of the HEA.
Disclose why we entered into an arrangement with each lender, particularly with respect to terms and conditions or provisions favorable to the borrower.
Disclose that students do not have to borrow from a lender on the suggested lender list.
Ensure that the list contains at least two unaffiliated lenders for private education loans. The list must specifically indicate whether a lender is or is not an affiliate of each other lender on the list. If a lender is an affiliate of another lender, the institution must describe that affiliation.
Disclose the method and criteria used in selecting the lenders.
Compile the list with care and without prejudice for the sole benefit of students and their families.
Not deny or impede the borrower’s choice of a lender or unnecessarily delay certifying a loan for a borrower who chooses a lender not on the list.
Upon request of an applicant, an institution must provide information for a private education loan. The form required under section 128(e)(3) of the Truth in Lending Act, and any information needed to complete the form, to the extent the institution has that information.
CalArts does not accept gifts or expense reimbursement from lenders in exchange for loan volume or preferred lender status. This includes revenue sharing, custom printed materials or co-branded websites, any financial benefit as compensation for any type of consulting, staffing assistance or receiving any compensation for serving on any lenders advisory board.