Financial Aid Code of Conduct – Student Loans
Marion Military Institute is a participant in the William D. Ford Federal Direct Loan Program. Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. Though the majority of aid recipients receive loans through the federal programs, private (also called alternative) student loans can be a valuable tool in meeting your educational goals. In processing private student loans, the Student Financial Aid Office adheres to the following principles:
1. No fee or material benefits are received from lenders in exchange for the promotion or processing of its loans.
2. No employee of the financial aid office may receive gifts from a lender, guaranty agency or loan servicer.
3. No employee of the financial aid office may enter into a contracting arrangement with a lender or affiliate that provides a fee, payment, or compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.
4. The financial aid office will not refuse to certify, or delay certification of any private education loan based on the borrower’s selection of a particular lender or guaranty agency.
5. The financial aid office does not request or accept any staffing assistance from lenders.
6. Financial aid employees are prohibited from receiving advisory board compensation, excepting reimbursement for reasonable expenses incurred.
All terms and their usage are as defined in Section 493 of the Higher Education Opportunity Act of August 14, 2008.
Marion Military Institute Student Financial Aid is committed to providing the highest level of service to its students and their families. We believe that the foundation of our service to students is grounded in the adherence to strict ethical and professional standards. It is our objective to administer the various financial aid programs in accordance with all governmental regulations and Marion Military Institute policy and procedures.
Federal (Stafford) Loans
A student who wishes to receive a Direct loan must complete a Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov and a master promissory note (MPN). Depending on the loan program, he/she may obtain an MPN from a school, a lender, guaranty agency, or ED. An MPN can be used to make multiple loans over several years of borrowing. This is a list of lenders; however, borrowers may choose to have their loan(s) processed through any participating lender of their choice.
Phone: (800) 848-0979 or (315) 738-6634
FAX: (800) 848-0984
TDD: (800) 848-0983
Or go to the Direct Loan Servicing website
Alternative Loans (Student)
Private loans are used to bridge the gap between what you have been awarded in federal aid and any remaining balance. These loans usually have higher interest rates. Students (or cosigners) must have a good credit history to obtain alternative loans. Most loan programs will allow students to apply with a credit-worthy cosigner. For more information, check out the lenders and programs listed below.
This is a list of lenders; however, borrowers may choose to have their loan(s) processed through any participating lender of their choice. To apply for a loan or for more information about the loan program, click on the name of the bank listed below.
- Loan: Wells Fargo Collegiate Loan
- Enrollment requirement: can be less than half-time
- Available for degree-seeking
- Can be used to cover prior semester balance (up to one academic year)
- Loan: Sallie Mae Smart Option Loan
- Enrollment requirement: can be less than half-time.
- May be used to cover prior semester balance
- 0.25 % point interest rate reduction is available for automatic debit
- 0.25 % point interest rate reduction is available if the borrower provides a valid email address and elects to receive all servicing communications via e-mail
- Borrower may apply for a cosigner release after successful completion of their education
- This loan requires monthly interest-only payments while student is enrolled in school