1.22.8 Prohibition of Opportunity Loans
- As used herein, "override pools," "opportunity funds," and "opportunity loans" refer to any agreement, understanding or practice in which a lender applies more lenient loan underwritingcriteria than it otherwise would to a certain class of loan applicants if the University meets certain milestones or metrics with respect to other loans with that lender, such as the number of loansinitiated or in force, or the dollar amount of such loans, or where the lender agrees with theUniversity to lend money to students outside the Federal Family Education Loan Program (FFELP), at the direction of the University, in exchange for the University dropping out of the federal direct loan program and/or marketing the lender's separate FFELP loans to students.
- The University shall not arrange with a lending institution to participate in any override pools, opportunity funds, or opportunity loans, as defined above, if the participation in such program(s)prejudices any other borrower.
Effective Date
Approved by Board of Curators: April 17, 2025