Fair Lending Practices
Tufts University has always been committed to the highest standards of professional conduct and ethical behavior. We recognize that ensuring the integrity of the student financial aid process is critical to providing fair and affordable access to higher education. With the Reauthorization of the Higher Education Act of 1965, Congress has required that all colleges post a Code of Conduct relating to financial aid, private lending and student choice. Accordingly, the staff in the Financial Aid Office herein confirms that we adhere to the following sound practices.
University employees do not receive any personal benefits from Lending Institutions
No member of the Financial Aid Office staff will accept anything of more than nominal value on his or her behalf or on behalf of another person or entity from any Lending Institution. For example, cash, stocks, gifts, entertainment, expense-paid trips, et cetera, will never be accepted from a Lending Institution. Likewise, an individual will never accept payment or reimbursement from a Lending Institution for lodging, meals or travel to conferences or training seminars.
The University does not provide any advantage to a Lending Institution
The staff in Financial Aid Office does 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, including but not limited to revenue-sharing, printing costs or below-cost computer hardware or software. Likewise, the University does not allow any Lending Institution to staff the Financial Aid Office or other student services offices at any time.
The University makes appropriate use of any Preferred Lender Lists
The selection of Lending Institutions for inclusion on the private/alternative loans Preferred Lender List is based solely on our judgment of what is in the best interest of Cummings students without regard to the financial interests of the University. We abide by the following:
- Students are free to select the Lending Institution of their choice for private/alternative loans and will suffer no penalty imposed by the University from using a Lending Institution that is not a Preferred Lender.
- Students are not required to use any of the University private/alternative loan Preferred Lenders and may borrow through any lender or guarantor they choose.
- The University does not assign a borrower's loan to a particular lender and will certify all loans based on a borrower's selection of a lender.
University employees do not serve on Lender Advisory Boards for remuneration
No officer, trustee or employee of the University who makes financial aid decisions for the University or who is employed in, supervises or otherwise has responsibility or authority over the Financial Aid Office will receive any remuneration for serving as a member or participant on a student loan advisory board of a Lending Institution, or receive any reimbursement of expenses for such service.