Lender Code of Conduct
Bucknell University is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this commitment and in an effort to rule out any perceived or actual conflict of interest between the Bucknell University officers, employees or agents and education loan lenders, Bucknell University has adopted the following Code of Conduct in accordance with the requirements of the Higher Education Opportunity Act (HEOA § 487(e)). The University shall publish this Code on its website and annually inform those with responsibilities for student educational loans.
- Bucknell University participates in the Federal Direct, Federal Direct Undergraduate PLUS, and Federal Direct Graduate PLUS Loan Programs for which the Federal Government is the only possible source of funding. Therefore, the Code of Conduct only applies to Private Educational Loans.
- Bucknell University prohibits any real or apparent conflicts of interest between its officers, employees or agents and educational loan lenders arising from student lending transactions.
- Bucknell University does not participate in any revenue-sharing arrangements for private educational loans with any lender. For purposes of this paragraph, the term ‘revenue-sharing arrangement’ means an arrangement between an institution and a lender under which 1) a lender provides or issues a loan that is made, insured, or guaranteed to students attending the institution or to the families of such students; and 2) the institution 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 the institution, an officer or employee of the institution or any agent.
- Bucknell University does not permit any officer, employee or agent of the institution who is employed in the Office of Financial Aid or is otherwise involved in the administration of education loans to solicit or accept any gifts greater than a nominal value from any lender, guarantor or servicer.
- Bucknell University does not permit any officer, employee or agent of the institution who is employed in the Office of Financial Aid 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.
- Bucknell University does not permit any officer, employee or agent of the institution who is employed in the Office of Financial Aid 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. Bucknell University does allow for the reasonable reimbursement of travel expenses associated with participation in such boards, commissions or groups by lenders, guarantors, or groups of lenders and/or guarantors.
- Bucknell University does not assign a lender to any financial aid package for Private Educational Loans.
- Bucknell University recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education. Therefore, Bucknell University 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.
- Bucknell University will not request or accept any offer of funds to be used for Private Education Loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans, or a preferred lender arrangement for Title IV loans.
- Bucknell University will not use any lender for any Office of Financial Aid or call center assistance.
Updated Sept. 2020