King’s College 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 King’s College’s officers, employees or agents and education loan lenders, King’s College has adopted the following Code of Conduct in accordance with the requirements of the Higher Education Opportunity Act (HEOA § 487(e)).
Lending Code of Conduct
- King’s College prohibits any real or apparent conflicts of interest between its officers, employees or agents and educational load lenders arising from student lending transactions.
- King’s College 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 (i) 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 (ii) the institution recommends the lender or the load 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.
- King’s 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 solicit or accept any gifts greater than a nominal value from any lender, guarantor or servicer.
- King’s 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.
- King’s 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. King’s 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.
- King’s College does not assign a lender to any financial aid package for Private Educational Loans.
- King’s College recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education. King’s 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.
- King’s College 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.
- King’s College will not use any lender for any financial aid office or call center assistance.