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Statement on Educational Lending

Jim Belvin, Duke's director of financial aid, said the university's philosophy is to support access and choice for students

Duke has defined a series of principles and policies that govern educational lending practices for undergraduate, graduate and professional students. The goal is to guarantee greater uniformity, based on best practices at Duke and nationally, in counseling students and working with lenders and to make clear that students have the right to choose any lender.

Jim Belvin, Duke's director of financial aid, said Duke's philosophy on lending was put into writing after a number of national investigations and news stories explored improper ties between schools and lenders. The relationships have led to federal review and scrutiny of the student lending business by federal and some states' officials. A review of Duke's lending practices confirmed that the university's relationships with lenders was free of conflict.

"With a focus on service and pricing to students, we have worked through the years to make sure that Duke students had access to a variety of national and regional lenders," Belvin said. "I am pleased that the recent review has confirmed the appropriateness of our efforts and pledge that we will continue to support both access and choice for our students."

 

Duke's statement of principles explains that Duke and its employees do not receive financial benefits from lenders or accept goods or services of material value from lenders. Administrators may serve as unpaid members of lender advisory boards; in that case, Duke pays all costs associated with that service. All employees involved in financial aid and student lending are subject to a rigorous conflict of interest policy.

Belvin said Duke's rigorous policies are not new, but he and other administrators felt it would be useful to use the current environment to re-educate employees who work with financial aid and student lending about Duke's commitment to helping students afford an education.

For more information on the policy, visit Duke's financial aid website.