Randolph College Office of Financial Aid Code of Conduct:
The lender list offered to our students is chosen solely based on the best interests of the students and parents who may use the list and without regard to the financial interests of the College. Students and parents have the right and ability to select a lender of their choice, regardless of whether such lender appears on the College’s lender list.
The College and its employees do not accept anything of value from any lender in exchange for any advantage sought by that lender. Lenders are not required nor are they allowed to pay to be placed on our preferred lender list, nor do they provide material benefits to the College or its employees. Randolph College employees do not accept anything of more than nominal value from any lender, including gifts or trips of any kind. The term “gift” does not apply to standard material, activities, or programs related to loans, default aversion, default prevention, or financial literacy, such as a brochure, a workshop or training.
College employees receive no compensation or anything of value for serving on the advisory board of any lender. Financial aid officers or employees in the Office of Financial Aid do not accept from any lender any fee, payment, or other financial benefit as part of a consulting arrangement or any contract to provide services to a lender or on behalf of a lender relating to education loans.
For any first-time borrower, the Office of Financial Aid does not assign, through award packaging or other methods, the borrower’s loan to a particular lender, and does not refuse to certify or delay certification of any loan based on the borrower’s selection of a particular lender or guaranty agency.
Randolph College employees do not accept or request from any lender any offer of funds to be used for private education loans in exchange for the College providing concessions or promises regarding providing the lender with a specific number of loans, a specified loan volume, or a preferred lender arrangement for such loans.
The College does not accept or request from any lender any assistance with financial aid office staffing, with the exception of providing professional development training for financial aid administrators; providing educational counseling materials (as long as the materials identify the lender who provided the materials); or providing short-term, nonrecurring staff services to assist the College with financial aid-related functions during emergencies, including State-declared and federally-declared natural disasters. In addition, Randolph College requires that, when meeting or speaking with students and parents, the employees of lenders shall clearly identify themselves as employees of the lender and never as College employees.
Our commitment to providing quality service to our students is foremost in our approach to assisting students and their families in financing an education at Randolph College.