LVC Student Lending Code of Conduct
Lebanon Valley College is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between Lebanon Valley College officers, employees or agents and education loan lenders, Lebanon Valley College has adopted the following:
- Lebanon Valley College does not participate in any revenue-sharing arrangements with any lender. The term revenue-sharing arrangement means an arrangement between LVC and a lender under which -
- A lender provides or issues a private education loan to students attending LVC; and
- LVC recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to LVC.
- Lebanon Valley College does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender, guarantor or servicer. The term gift means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a minimal amount. The term includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred.
- Lebanon Valley College does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any fee, payment or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating to education loans.
- Lebanon Valley College does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept anything of value from a lender, guarantor, or group of lenders and/or guarantors in exchange for service on an advisory board, commission or other group established by such a lender, guarantor group of lenders and/or guarantors. Lebanon Valley College does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders, guarantors, or groups of lenders and/or guarantors.
- Lebanon Valley College does not request or accept offers of funds for private loans, including funds for an opportunity pool loan, to students in exchange for LVC providing concessions or promises regarding providing the lender with—
- A specified number of loans
- A specified loan volume of such loans; or
- A preferred lender arrangement for such loans
- Lebanon Valley College does not request or accept from any lender any assistance with call center staffing or financial aid office staffing, except that nothing in this paragraph will be construed to prohibit LVC from requesting or accepting assistance from a lender related to -- Professional development training for financial aid administrators; Providing educational counseling materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials; or Staffing services on a short-term, nonrecurring basis to assist LVC with financial aid-related functions during emergencies, including State-declared or Federally declared natural disasters, Federally declared national disasters, and other localized disasters and emergencies identified by the Secretary.
- Lebanon Valley College recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education. Lebanon Valley College will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower’s selection of a lender and/or guarantor.