To comply with the 2008 Higher Education Opportunity Act, Baker College adopts the following Student Loan Code of Conduct Policy to ensure the integrity of the student financial aid process. All BC employees who have responsibilities with respect to educational loans are required to comply with this Student Loan Code of Conduct.
College employees should receive no personal benefit. No employee of the College shall accept anything of more than nominal value on his or her behalf or on behalf of another person or entity from any lending institution in exchange for being included on a lender list or in exchange for any special treatment.
College employees should not serve on lender advisory boards for remuneration. No employee of the College who makes financial aid decisions for the College, who is employed in, who supervises, or otherwise has responsibility or authority over the College’s Financial Aid Office shall receive any remuneration for serving as a member or participant on a student loan advisory board of a lending institution or any reimbursement of expenses for such service.
The College should not provide any advantage to a lending institution. The College shall not accept anything of value from any lending institution in exchange for any advantage or consideration provided to the lending institution related to its student loan activities.
The College should make appropriate use of any Preferred Lender List. If the College decides to promulgate a list or lists of preferred or recommended lenders for student loans, the selection of lending institutions for inclusion on the preferred lender list shall be based on the best interests of the College's students and their parents without regard to the financial interests of the College.
Students and parents have the right to select any lender. If the College suggests any lenders, it will be based solely on borrower incentives for on-time repayment, an established track record of efficient loan processing, timely delivery of funds, excellent customer service and who will remain in this program long term. Should the students and/or parents select a lender that does not have an electronic process, the College will certify and process in order for a timely disbursement.
Note: As of July 1, 2010, for the Federal Stafford Loan Program, the William D. Ford Direct Loan Program is the only lender available for all colleges and universities. However, for private student loans, there are many available lenders, and it is your choice which lender you select.