Lender Practices and Code of Conduct
- Our goals are to help students (and parents) receive in an accurate and timely manner the loans for which they qualify.
- We shall encourage students and families to borrow only what they absolutely need to persist and succeed in postsecondary education.
- We as financial aid professionals support the integrity of the financial aid process and our responsibility to assist our students.
- We shall fairly and accurately disclose all terms and conditions related to loan products to students and families.
- Any participating lender, while not defined as preferred, will disclose and be transparent with their consumer information about loan products offered; including but not limited to, interest rates, and terms and conditions on education loans.
- Any lender listed as a participating lender will demonstrate high quality loan servicing and define additional benefits beyond the standard terms and conditions.
- A participating lender list, applicable to private education loans, is not restrictive and allows students and families the choice to select any lender and understand the process for selecting a lender and applying for a loan, and the school will promptly certify any loan from any lender selected by the borrower.
- A lender will not be included on a list of participating lenders in exchange for a prohibited inducement. A lender included on a participating lender list is based on borrower benefits for the students and families.
Lynchburg College Office of Financial Aid Code of Conduct
Lynchburg College's financial aid professionals/administrators will practice the Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals as adopted by the National Association of Student Financial Aid Professionals (NASFAA).
Below is an excerpt of that document:
"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 governmental entity such as the U.S. Department of Education) involved in the making, holding, consolidating or processing of any students loans, including anything of value (including reimbursement of expenses) for serving on an advisory body or a 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 our interest in any entity involved in any aspect of student financial aid."