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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

SLATE

Heather McDonnell

NYSFAAA President

Sarah Lawrence College

greetings
Greetings!

The Land of “He Who Must Not Be Named”

what is it
What is it?
  • We only wish….
slate1
SLATE
  • Student Lending Accountability, Transparency and Enforcement Act
words
Words
  • “Prohibition” 22 times
  • “Misleading” 13 times
  • “Disclosure” 10 times
  • “Inducement” 10 times
accountability
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>
transparency
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
enforcement
Enforcement

Yes, sir?

issues
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
clear and concise
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
gifts
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
preferred lender lists
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
lender staffing
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
just who is a lender
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
xxsfaaa as a lender
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
slate date
SLATE Date
  • If the NYS institution did not previously sign a Code of Conduct with the Attorney General then

NOVEMBER 26, 2007!