All Mercyhurst University employees who are in any way responsible for the administration of student educational loans will adhere to the Student Loan Code of Conduct.
The Office of Student Financial Services at Mercyhurst University is a member of NASFAA, the National Association of Student Financial Aid Administrators. We abide by NASFAA’s Student Loan Code of Conduct for SFS Professionals. It states that we are expected to always maintain exemplary standards of professional conduct in all aspects of carrying out our SFS 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, Mercyhurst University SFS staff are bound by the following:
In compliance with the Student Loan Code of Conduct requirements outlined in the Higher Education Opportunity Act of 2008, Mercyhurst University SFS Office prohibits all of the following:
Assigning a lender to a borrower or refusing to certify a loan for a borrower's choice of lender or guarantor
Accepting from lenders any staffing assistance for the financial aid office
Revenue sharing agreements with lenders
Conflicts of interest
Accepting gifts above a nominal value from lenders or guarantors
Contracting arrangements with a lender that provides compensation to school students
For the following purposes, it is not considered a "gift" to the school for a lender or guarantor to provide:
Standard materials, activities or programs on issues related to a loan, default aversion, default prevention or financial literacy (i.e. brochures, workshops, training)
Food, refreshments, training or informational material that is designed to improve the service of a lender, guarantor, or servicer if the training contributes to the professional development of the school staff
Favorable terms, conditions and borrower benefits, as long as these are provided to all students at the school
Entrance and exit counseling services, as long as the school controls the counseling and does not promote the products and services of the lender
Philanthropic contributions not tied to loan volume