STUDENT LOAN CODE OF CONDUCT
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:
- Refrain from taking any action for personal benefit.
- Refrain from taking any action that is believed to be contrary to law, regulation, or the best interests of the students and parents we serve.
- Ensure that the information we provide is accurate, unbiased, and does not reflect any preference arising from actual or potential gain.
- Remain objective in making decisions and advising the administration of Mercyhurst University regarding relationships with any entity involved in any aspect of student financial aid.
- Refrain from soliciting or accepting anything other than of nominal value from any entity 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 board or as part of a training activity or of sponsored by any entity.
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.