Student Lending Code of Conduct
University of the Sciences in Philadelphia (“University of the Sciences”) is committed to providing all students and their families with the best information and options available regarding educational loans. In support of this mission, and to negate any perceived or actual conflicts of interest between the University's officers, employees, agents and educational loan lenders, University of the Sciences has adopted the following Student Lending Code of Conduct:
- The University does not participate in any revenue-sharing arrangements with lenders.
- The University prohibits any University employee or agent who is involved in the administration of educational loans (i.e. Financial Aid and Student Accounting Services Staff), to:
- Solicit or accept gifts from any lender, guarantor, or loan servicer which are greater than a nominal value;
- 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 or contract to provide services to or on behalf of a lender related to educational loans; or
- accept anything of value from a lender, guarantor, or consortium of lenders and/or guarantors in exchange for service on an advisory board, commission, or other group established by the lender, guarantor, or consortium of lenders and/or guarantors. USP does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions, or groups.
- The University will not assign a lender to any first-time borrower.
- The University recognizes that a borrower has the right to choose any lender and guarantor from which to receive a loan to fund his/her education. USP will not refuse to certify, or otherwise delay the processing of, a loan based on the borrower’s choice of lender and/or guarantor.
- The University will not request or accept financial aid or other office staffing assistance from any lender, guarantor, or loan servicer.
- The University will not request or accept any offer of financial gifts or funds, such as scholarship or grant money, from any lender in exchange for providing that lender with a specified number or volume of educational loans, including Title IV loans, or guaranteed inclusion on the University’s Preferred Lender Listing.