Fair Lending Practices - Code of Conduct
Suffolk University is committed to the highest standards of professional conduct and ethical behavior. Ensuring the integrity of the student financial aid process and programs is critical to providing equity and access to higher education. With the Reauthorization of the Higher Education Act of 1965, Congress required that all colleges post a Code of Conduct relating to financial aid, private lending and student choice. Hence, the staff in the Office of Student Financial Services herein confirms that we adhere to the following sound practices:
I. University employees do not receive any personal benefits from Lending Institutions. No member of the Student Financial Services staff will accept anything of more than a nominal value on his or her behalf of another person or entity from any Lending Institution. For example, cash, stocks, gifts, entertainment, expense-paid trips, etc, will never be accepted from a Lending Institution. Likewise, an individual will never accept payment or reimbursement from a Lending Institution for lodging, meals or travel to conferences or training seminars.
II. The University does not provide any advantage to a Lending Institution. The Staff in the Student Financial Services does not accept anything of value from any Lending Institution in exchange for any advantage or consideration provided to the Lending Institution related to its student loan activities, including, but not limited to revenue-sharing, printing costs or below-cost computer hardware or software. Likewise, the university does not allow any Lending Institution to staff the Student Financial Services Office or the Student Services calling center at any time.
III. The University makes appropriate use of any “Suggested Lender Lists”. The selection of the Lending Institutions for inclusion on the private/alternative loans Suggested Lender List is based solely on the best interests of the university students and their parents without regard to the financial interests of the university. We abide by the following:
- Students and their parents are free to select the Lending Institution of their choice for private/alternative loans and will suffer no penalty imposed by the university from using a Lending Institution that is not a “Suggested Lender”.
- Students and their parents are not required to use any of the university private/alternative loan “Suggested Lenders” and may borrow through any lender or guarantor they choose.
- The university does not assign a borrower’s loan to a particular lender and will certify all loans based on a borrower’s selection of a lender.
IV. University employees do not serve on lender advisory boards for remuneration. No officer, trustee or employee of the university who makes financial aid decisions for the university or who is employed in, supervises or otherwise has responsibility or authority over the university Office of Student Financial Services will receive any remuneration for serving as a member or participant on a student loan advisory board of a Lending Institution, or receive any reimbursement of expenses for such service.