Code of Conduct for Financial Aid Staff
Statement of Purpose
Students and their parents have a right to expect financial aid advice and counseling that is free from conflicts of interest or the perception thereof. This is especially important with respect to participation in student loan programs which are offered, guaranteed and/or serviced by a third party. The financial aid staff at the college is, therefore, committed to the following code of ethical conduct.
- Revenue-sharing arrangements with private student loan lenders are prohibited. This means that the college will not enter into any agreements with private lenders that will result in kickbacks or other types of profit sharing in return for recommending a lender’s loan products to students and their families.
- No employee of the Office of Student Financial Aid or family member may solicit or accept any gift from lenders, guarantors or servicers of educational loans. The term gift means any gratuity, favor, discount, entertainment, hospitality, loan or other item having a monetary value of more than a negligible amount.
- Employees of the Office of Student Financial Aid are prohibited from entering into any type of paid contractual or consulting relationship with a private lender, affiliate, guarantor or loan servicer.
- The college will not assign students to particular lenders through award packaging or other means, and it will not delay or refuse to certify a loan based on the borrower’s selection of a particular lender or guaranty agency.
- The college will not request or accept any offer of funds for private educational loans in exchange for providing the lender with a specific loan volume or placement on a preferred lender list.
- The college will not request or accept any assistance from a lender with staffing for financial aid processing or call center operations. However, a lender may provide assistance with professional development or provide loan counseling, financial literacy and debt management materials to borrowers as long as the materials disclose the name of the lender that provided or assisted in the development of the materials. In addition, lenders may provide financial aid staffing assistance on a short-term, nonrecurring basis during emergency situations.
- No employee of the Office of Student Financial Aid serving on an advisory board, commission, or group established by a lender may receive compensation or anything of value from the lender except reimbursement for reasonable expenses incurred for such service.