Code of Ethics
The SMFA is a member of: National Association of Student Financial Aid Administrators (NASFAA), Massachusetts Association of Student Financial Aid Administrators, Eastern Association of Student Financial Aid Administrators.

All of our actions are bound by NASFAA's Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. This updated statement was released by NASFAA on May 31, 2007.

Recent media reports have highlighted allegations of an array of problems in the student loan industry. Many families choose to utilize federal and private, alternative loans to help with the cost of financing post-secondary education. Most of the problems highlighted in the media concern private, rather than federal, student loans.

Staff in the Financial Aid Office have always attempted to act in the best interest of our students and their families. In response to mandates outlined in the Student Loan Act, we have adopted a Code of Conduct to define our relationship with student loan providers. The following links are provided to supplement information for families concerned about this story:

Overview of Student Loan Programs
FinAid was established in the fall of 1994 as a public service. This award-winning site has grown into the most comprehensive source of student financial aid information, advice, and tools, both on and off the Web.

"Preferred" Lender Lists
Illegal Inducements and Preferred Lender Lists
Tips on Choosing a Lender
How to Choose and Evaluate Lenders -This information is from the Department of Education's Student Aid on The Web, a comprehensive resource for families.

The Project on Student Debt works to increase public understanding of the implications of the use of increased borrowing to finance higher education costs. Recognizing that loans play a critical role in making college possible, the Project's goal is to identify cost-effective solutions that expand educational opportunity, protect family financial security, and advance economic competitiveness.

Look Before You Leap! Student Loan Shopping Techniques
Comparing Discounts on Federal Student Loans

Federal Student Loan Ombudsman -The Federal Student Aid Ombudsman of the Department of Education helps resolve disputes and solve other problems with federal student loans. We want our students to be informed consumers.

Code of Conduct
Staff members in the Financial Aid Office must act in compliance with the vision outlined in our Mission Statement and the National Association of Student Financial Aid Administrator's Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals.

According to The Higher Education Opportunity Act (HEOA 487 (a)(25)) schools that participate in Title IV programs must abide by Code of Conduct including specific provisions as outlined below:

No staff member shall accept any gift worth more than $10 from a representative of a student loan provider. Gifts include meals, travel, lodging, entertainment, and in-kind services (such as printing customized consumer information for borrowers with the school's logo).

Staff can participate in meals, refreshments, and receptions in conjunction with meetings, training, or conference events open to all attendees.

Staff will place unsolicited marketing materials (such as pens, pads, and markers) received from lenders in the reception area for the use of students and parents.

Staff members are free to pursue part-time employment outside of their scheduled work day. However, any staff member who is approached by a lender with an offer for supplemental employment will provide full written details to his/her supervisor.

Staff members cannot accept supplemental employment with lender that creates any potential conflict of interest with the operations of the Office of Financial Aid.

Staff members shall not accept any remuneration or expense-reimbursement for serving as a member of a lender's advisory board.

Staff may participate on advisory boards that are unrelated in any way to higher education loans.

Staff is not required to complete and submit financial disclosure forms as a condition of employment.

All staff members in the Office of Financial Aid will disclose to his or her immediate supervisor if an assigned task could create a perceived or real conflict of interest in the eyes of the public.

Neither the Museum School as an institution nor any staff member shall enter into any revenue-sharing arrangement with any lender.

Staff members in the Office of Financial Aid who have any responsibilities related to education loans shall not accept from any lender or affiliate of any lender any fee, payments, or the financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.

The Museum School shall not:
Assign a particular lender through award packaging or other method for any first-time borrower.

Refuse to certify, or delay certification of, any loan based on the borrower's selection of a particular lender or guarantee agency.

Request or accept from any lender any offer of funds to be used for private education loans, including funds for an opportunity pool loan, to students in exchange for the institution providing concessions or promises regarding providing the lender with:
A specified number of loans made, insured or guaranteed under Title IV;  a specified loan volume of such loans; or a preferred lender arrangement for such loans.

Request or accept from any lender any assistance with call center staffing or financial aid staffing.

Staff who knowingly fails to follow these guidelines will be subject to disciplinary action.

U.S. Department of Education Disclosure Statement

SMFA's Studio Diploma graduation rate is 30%*.
*This percentage does not reflect large numbers of Studio Diploma students who choose to matriculate into the Bachelor of Fine Arts degree program.

SMFA's Post-Baccalaureate graduation rate is 90%.

Below are median federal and private loan amounts for entering Studio Diploma and Post-Baccalaureate students:

	Studio Diploma	Post-Baccalaureate
Median Federal Loan Debt	$5,815	$12,500
Median Private Loan Debt	$21,634	$18,000