Loans
Students at 51勛圖 are offered student loans as part of their financial aid package. A student loan is money borrowed to pay for a student's education and must be repaid over a set period, with interest. Student loans can come from , , or
It's important to remember that a loan is a legal obligation; the student is responsible for repaying the money borrowed with interest.
We recommend that students and their families borrow only what they need.
Before accepting any loans, we strongly advise students to review their current account activity, including all charges, expected refunds, and their overall financial situation. Students are not required to accept a student loan and may accept a lower amount than was offered in their financial aid package.
Students may s to their TouchNet billing account. An Authorized User can view the , the , and anticipated aid.
For information on tuition and fees, billing, and payment options, please visit the following:
Please note that federal student loans will appear only as "Anticipated Aid" on their TouchNet account balance after the loans are accepted.
Loans
51勛圖's O麍ce of Financial Aid adheres to the Massachusetts Board of Code of Conduct for Student Loan Programs and NASFAA's Higher Education Statements of Ethical Principles and Codes of Conduct to ensure the highest ethical behavior and professional practices.
The primary goal of the institution and its 麍nancial aid staff is to help students achieve their educational potential by providing appropriate 麍nancial resources. To this end, this document provides institutions, speci麍cally 麍nancial aid professionals, with a set of principles that serves as a common foundation for an acceptable standard of conduct.
Institutions and their Financial Aid Professionals shall:
- Maintain the highest level of professionalism.
- Commit to the highest level of ethical behavior, and refrain from con麍ict of interest or the perception thereof.
- Respect the dignity and protect the privacy of students and ensure the con麍dentiality of student records and personal circumstances.
- Provide information to families for lenders that have proven to provide the best combination of price, access to funds, and service to students and families.
Further, institutions shall ensure that all o麍cers, trustees, directors, employees or agents, and 麍nancial aid professionals adhere to the following:
- May not accept gifts, meals, travel, or any other non-trivial items from student loan providers in connection with the institution's loan business.
- May not accept, from a lending institution, money, equipment, or printing services, or anything of value that may provide or suggest an advantage or grant a preferred status.
- If serving as a member of a lending institution's advisory board, may not accept anything of value in exchange for this service, such as "revenue sharing."
- Must disclose information regarding any lender on the preferred lender list who has an agreement to sell loans to another lender.
51勛圖's O麍ce of Financial Aid follows NASFAA's Statement of Ethical Principles, which provides that the primary goal of the institutional 麍nancial aid professional is to help students achieve their educational potential by providing appropriate 麍nancial resources.
We, 麍nancial aid professionals, declare our commitment to the following Statement of Ethical Principles.
Financial aid administrators shall:
Advocate for Students
- Remain aware of issues affecting students and continually advocate for their interests at the institutional, state, and federal levels.
- Support federal, state, and institutional efforts to encourage students, as early as the elementary grades, to aspire to and plan for education beyond high school.
Manifest the Highest Level of Integrity
- Commit to the highest level of ethical behavior and refrain from con麍ict of interest or the perception thereof.
- Deal with others honestly and fairly, abide by our commitments, and always act in a manner that merits the trust and con麍dence others have placed in us.
- Protect the privacy of individual student 麍nancial records.
- Promote the free expression of ideas and opinions, and foster respect for diverse viewpoints within the profession.
Support Student Access and Success
- Commit to removing 麍nancial barriers for those who want to pursue postsecondary learning and support each student admitted to our institution.
- Without charge, assist students in applying for 麍nancial aid funds.
- Provide services and apply principles that do not discriminate on the basis of race, gender, ethnicity, sexual orientation, religion, disability, age, or economic status.
- Understand the need for 麍nancial education and commit to educating students and families on how to responsibly manage expenses and debt.
Comply with Federal and State Laws
- Adhere to all applicable laws and regulations governing federal, state, and institutional 麍nancial aid programs.
- Actively participate in ongoing professional development and continuing education programs to ensure ample understanding of statutes, regulations, and best practices governing the 麍nancial aid programs.
- Encourage colleagues to participate in the 麍nancial aid professional associations available to them at the state, regional, or national level and offer assistance to other aid professionals as needed.
Strive for Transparency and Clarity
- Provide our students and parents with the information they need to make good decisions about attending and paying for college.
- Educate students and families through quality information that is consumer-tested when possible. This includes (but is not limited to) transparency and full disclosure on award notices.
- Ensure equity by applying all need-analysis formulas consistently across the institution's full population of student 麍nancial aid applicants.
- Inform institutions, students, and parents of any changes in 麍nancial aid programs that could affect their student aid eligibility.
- Strive to ensure that the cost of attendance components are developed using resources that represent realistic expenses.
Protect the Privacy of Financial Aid Applicants
- Ensure that student and parent private information provided to the 麍nancial aid o麍ce by 麍nancial aid applicants is protected in accordance with all state and federal statutes and regulations, including FERPA and the Higher Education Act, Section 483(a)(3)(E) (20 U.S.C. 1090).
- Protect the information on the FAFSA from inappropriate use by ensuring that this information is only used for the application, award, and administration of aid awarded under Title IV of the Higher Education Act, state aid, or aid awarded by eligible institutions.
Update by the NASFAA Board of Directors, November 2017
The following Code of Conduct was last updated by a vote from NASFAA's Board of Directors in November 2020 and published in January 2021. Subject to enforcement procedures that go into effect July 1, 2015, NASFAA institutional members of NASFAA will ensure that:
- No action will be taken by 麍nancial aid staff that is for their personal bene麍t or could be perceived to be a con麍ict of interest.
- Employees within the 麍nancial aid o麍ce will not award aid to themselves or their immediate family members. Staff will reserve this task to an institutionally designated person to avoid the appearance of a con麍ict of interest.
- If a preferred lender list is provided, it will be compiled without prejudice and solely for the benefit of students attending the institution. The information included about lenders and loan terms will be transparent, complete, and accurate. The complete process through which preferred lenders are selected will be fully and publicly disclosed. Borrowers will not be auto-assigned to any particular lender.
- A borrower's choice of a lender will not be denied, impeded, or unnecessarily delayed by the institution, even if that lender is not included on the institution's preferred lender list.
- No amount of cash, gift, or bene麍t in excess of a de minimis amount shall be accepted by a 麍nancial aid staff member from any 麍nancial aid applicant (or their family) or from any entity doing business with or seeking to do business with the institution (including service on advisory committees or boards beyond reimbursement for reasonable expenses directly associated with such service).
- Information provided by the 麍nancial aid o麍ce is accurate, unbiased, and does not re麍ect preference arising from actual or potential personal gain.
- Institutional 麍nancial aid offers and/or other institutionally provided materials shall include the following:
- Breakdown of estimated individual Cost of Attendance components, including which are direct (billed by the institution) costs vs. indirect (not billed by the institution) costs
- Clear identi麍cation and proper grouping of each type of aid offered, indicating whether the aid is a grant/scholarship, loan, or work program.
- Estimated net price
- Standard terminology and de麍nitions, using NASFAA's glossary of terms
- Renewal requirements for each aid type being offered, as well as next steps and 麍nancial aid o麍ce contact information
- All required consumer information is displayed in a prominent location on the institutional website(s) and in any printed materials, easily identi麍ed and found, and labeled as "Consumer Information."
- Financial aid professionals will disclose to their institution any involvement, interest in, or potential con麍ict of interest with any entity with which the institution has a business relationship.
51勛圖 does not have a preferred lender list. Students may borrow from any lender they choose, with no preference from the University. The University utilizes to provide information to our students. This should not be construed as an endorsement of those lenders included on ELM Select. Students may borrow from lenders not included on ELM Select.
Contact Us
Financial Aid
352 Lafayette St.
Salem, MA 01970