Code of Conduct Related to Private Student Loan Activities

Policy Statement

Cornerstone University (CU) employees are committed to the highest standards of professional conduct. As a participant in student loan programs, CU is required to have a code of conduct related to student loan activities applicable to the institution’s officers, employees and agents. In addition to the university conflict of interest policy, the Code of Conduct Related to Student Loan Activities is an additional requirement specific to certain transactions and financial aid related matters. 
Lenders in the Cornerstone University student loan program are selected and approved by Student Financial Services staff on the basis of whether or not the lender chooses to participate in the electronic process through Scholarnet and the Great Lakes Central Disbursing system. Lender disclosure statements are on file in the Student Financial Services office.

Code of Conduct

CU employees will abide by the following Code of Conduct Related to Student Loan Activities. This Code of Conduct is supplemental to existing university policies related to conflicts of interest.

  • CU bans any revenue-sharing arrangements with any lender, whether for institutional or personal gain.
  • CU does not allow any officer, officer’s family member, person involved with student loans, or his/her family member to either solicit or accept gifts from a lender, guarantor or servicer of student loans where that gift has more than a de minimis value.
  • CU does not allow its Student Financial Services staff or anyone in a position of having influence over student loan decisions to consult or contract with lenders for a financial benefit.
  • CU will not assign a borrower's loan to a particular lender or refuse to certify any loan based on a borrower’s selection of a lender.
  • CU will not request or accept any offer for student loan funds in exchange for: (1) a specified number of loans made or (2) a specific loan volume.
  • CU will not accept any offer from any lender to provide call center staffing or financial aid office assistance.
  • Members of the Student Financial Services staff at CU will not accept anything of value for serving on an advisory board, commission, or group established by a lender, guarantor or group of lenders.

How we select lenders:

Cornerstone University seeks to connect our students with lenders who will provide them the best service and borrower benefits. We review our lenders’ performance and benefits annually. The most recent review was completed June 2011.

For the current list of preferred lenders, we reviewed information provided by several lenders to select the lenders who would best serve our students. In the process, we rated items such as service to the student, service to the school, business model, and other items to determine which lenders would be selected.
Students are welcome to select lenders not included on the lists and have the right to do so under federal rules. If you select a lender that is not on our list, you will need to provide Cornerstone the information necessary to process a loan with the lender. To determine what information is needed, please contact the student financial services office at 616.222.1424.

Sanctions

Violations of university policies, including the failure to avoid a prohibited activity or disclose a conflict of interest in timely manner, will be dealt with in accordance with applicable university policies and procedures, which may include disciplinary actions up to and including termination from the institution.

Title IV Code of Conduct

Loans