Financial Aid Code of Ethics
The following Code of Ethics is in response to the Higher Education Opportunity Act signed into law on August 14, 2008. It is applicable to all University of Central Oklahoma staff with responsibilities related to Federal Title IV student loans and prohibits a conflict of interest. Where applicable, this code is superseded by Oklahoma State Colleges and Universities Employee Code of Ethics, if more restrictive.
University of Central Oklahoma staff responsible for Federal Title IV student loans are prohibited from:
- Revenue sharing arrangements.
- Receiving most lender gifts, including those to family members, with certain minimal exceptions.
- Receiving fees or other compensation for consulting with lenders.
- Using award packaging or other methods to assign first-time borrowers to certain lenders.
- Delaying or refusing to certify any loan based on the borrower’s choice of lender.
- Accepting any funds for private education loans in exchange for benefits to the lenders, such as a preferred lender arrangement.
- Requesting or accepting assistance from any lender for call-center staffing or Financial Aid Office staffing, and
- Receiving any compensation or financial benefit for service other than reasonable reimbursement of expenses for any financial aid office employee who serves on a lender’s advisory board.
This Code of Ethics is given annually to each employee with a responsibility related to Federal Title IV student loans.