Student Lending Code of Conduct
Lycoming College is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between Lycoming College officers, employees, or agents and education loan lenders, Lycoming College has adopted the following:
- Lycoming College does not participate in any revenue-sharing arrangements with any lender.
- Lycoming College does not permit any officer, employee, or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender, guarantor, or servicer.
- Lycoming College does not permit any officer, employee, or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any fee, payment, or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating to education loans.
- Lycoming College does not permit any officer, employee, or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept anything of value from a lender, advisory board, commission, or other group established by such a lender, guarantor group of lenders, and/or guarantors. Lycoming College does allow for reasonable reimbursement of expenses associated with participation in such boards, commissions, or groups by lenders, guarantors, or groups of lenders and/or guarantors.
- Lycoming College does not assign a lender to any first -time borrower through financial aid packaging or any other means.
- Lycoming College recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education. Lycoming College will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower’s selection of a lender and/or guarantor.
Statement of Ethical Practices
Lycoming College, a member of the National Association of Student Financial Aid Administrators (NASFAA), also adheres to NASFAA’s Code of Conduct for Financial Aid Professionals . An institutional financial aid professional is expected to always maintain exemplary standards of professional conduct in all aspects of carrying out his or her responsibilities, specifically including all dealings with any entities involved in any manner in student financial aid, regardless of whether such entities are involved in a government sponsored, subsidized, or regulated activity. In doing so, a financial aid professional should:
- Refrain from taking any action for his or her personal benefit.
- Refrain from taking any action he or she believes is contrary to law, regulation, or the best interests of the students and parents he or she serves.
- Ensure that the information he or she provides is accurate, unbiased, and does not reflect any preference arising from actual or potential personal gain.
- Be objective in making decisions and advising his or her institution regarding relationships with any entity involved in any aspect of student financial aid.
- Refrain from soliciting or accepting anything of other than nominal value from any entity (other than an institution of higher education or a governmental entity such as the U.S. Department of Education) involved in the making, holding, consolidating or processing of any student loans, including anything of value (including reimbursement of expenses) for serving on an advisory body or as part of a training activity of or sponsored by any such entity.
- Disclose to his or her institution, in such manner as his or her institution may prescribe, any involvement with or interest in any entity involved in any aspect of student financial aid.