|Code of Conduct||Financial Aid|
|Financial Aid :: Code of Conduct|
Financial Aid Office
Student Financial Aid Code of Conduct
Lane College is committed to the highest standards of professional conduct. Lane College recognizes that ensuring ethical behavior through established standards and guidance is the most important core principle for self-governance in any profession in order to assure the public of the profession’s integrity.
As such the College has developed a sound framework to guide financial aid professionals in their every day administration of the student financial aid programs in general and the student loan programs in particular. This framework consists of a Statement of Ethical Principles, a Code of Conduct, and a Student Loan Code of Code.
Statement of Ethical Principles
The Statement of Ethical Principles provides that the primary goal of the institutional financial aid profession is to help students achieve their educational potential by providing appropriate financial resources. To this end, the financial aid professional shall:
Code of Conduct for Institutional 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 so doing, the institutional financial aid professional shall:
Student Loan Code of Conduct
Prohibition Against Certain Remuneration to the College
The College shall not solicit, accept, or agree to accept anything of value from any Lending Institution in exchange for any advantage or consideration provided the Lending Institution related to its student loan activity. This prohibition includes, but is not limited to:
This prohibition shall not be construed to prohibit the College from soliciting, accepting, or agreeing to accept favorable terms or conditions of a Student Loan inuring directly to Borrowers.
The College shall not solicit, accept, or agree to accept from any Lending Institution any computer software for the electronic management of student loan disbursements unless such software can manage student loan disbursements from all Lending Institutions.
Notwithstanding anything else in this Code of Conduct, the College may accept assistance as contemplated in 34 CFR 682.200(b)(definition of Lender)(50(i).
Prohibition Against Remuneration to College Employees
The College shall require and ensure that no officer, trustee, director, employee, or agent of the College accepts anything more than nominal value on his or her own behalf or on behalf of another during any 12 month period from, or on behalf of, Lending Institution.
This prohibition shall include, but not be limited to a ban on any payment or reimbursement by Lending Institutions to any College employee for lodging, meals, or travel to conferences or training seminars.
This prohibition shall not be construed to prohibit any officer, trustee, director, employee, or agent of the College from conducting non-Student loan business with any Lending Institution.
This prohibition shall not be construed to prevent the College from holding membership in any nonprofit professional association. The College may continue to have personnel representing it on current and successor state agency boards as they may be created to promote the College’s interest in all current and future state grant programs as may benefit the College’s students as well as all current and future loan processes and services necessary to perform electronic and online data exchanges with Direct Loans. These boards do not have a primary function in providing the College or any board member representation in determining any lender(s) or guarantor(s) for student borrowers.
Limitations on College Employees Participating on Lender Advisory Boards
The College shall prohibit any officer, trustee, director, employee, or agent of the College from receiving any remuneration fro serving as a member or participant of an advisory board of a Lending Institution, or receiving any reimbursement of expenses for so serving provided, however, that participation on advisory boards that are unrelated in any way to student loans shall not be prohibited.
This prohibition shall not prevent any officer, trustee, director, employee, or agent of the College, who is uninvolved in the affairs of the College’s financial aid office, from serving on a Board of Directors of a publicly traded or privately held company.
Preferred Lender Lists
The College shall not provide or otherwise disseminate or make available a Preferred Lender List that is used to deny or otherwise impede a Borrower’s choice or lender; or contains fewer than three unaffiliated Lending Institutions.
In the event that the College promulgates a list of preferred or recommended lenders or similar ranking or designation, the following must be adhered to:
Prohibition of Lending Institution’s Staffing of College Financial Aid Offices
The College shall prohibit and ensure that no employee, representative, or agent of a Lending Institution is ever identified to students of the College or their parents as an employee of the College. The College shall prohibit and ensure that not employee, representative, or agent of a Lending Institution provides staffing services to the College’s financial aid office.
This prohibition shall not be construed to prohibit any Lender from providing “entrance” and “exit” interviews allowed under 34 CFR 682.200(b)(Definition of Lender)(5)(i), provided, however, the College shall ensure that any such employee, representative, or agent of a Lending Institution conducting such interview identifies himself or herself as a representative of the Lending Institution and does not promote the Lending Institution’s products during such interview.
Prohibition Against Opportunity Loans
The College shall not arrange with a Lending Institution to provide any Opportunity Loans to Borrowers. Nothing in the Agreement, however, shall be construed to prevent the College form offering or arranging loans to international students, at fair market rates, when those students would be otherwise unable to secure a domestic loan.
Borrower – A student attending the College or a parent or guardian of a student who obtains a student loan to pay for or finance higher education expenses.
Lending Institution – Any entity that directly or through an affiliate engages in the business of making or securitizing student loans, or any entity or association of entities that guarantees student loans.
Opportunity Loans – Student loans that a Lending Institution agrees to make up to a specified aggregate amount to students with poor or no credit history, who the Lending Institution claims would otherwise not be eligible for the lender’s alternative loan program. Which are made in exchange for certain minimum loan volume or other benefit that a College agrees to provide to the Lending Institution.
Preferred Lender List –A list of recommend or suggested Lending Institutions that a College makes available for use, in print or in any other medium or form, by Borrowers, prospective Borrowers, or others.
Revenue Sharing – Any arrangement in which a Lending Institution pays a College or an affiliated entity or organization of a College a percentage of the principle of each loan directed towards the Colleges from a Borrower at the College or any form of commission related to the loan.
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545 Lane Avenue | Jackson, TN 38301