Student Loans and Grants
The Student Loans and Grants Policy establishes the University's approach concerning the provision of funds to support current students who are experiencing financial hardship during their studies at Macquarie University.
The Procedure provides further information relating to the administration of University funds used for student loans (including emergency loans) and grants.
|To provide funds to support current students who are experiencing financial hardship during their studies at Macquarie University.|
Macquarie University has funds which are used to support students in unexpected and demonstrated financial hardship with their education related expenses. Funds may be provided in the form of student loans or grants. These loans and grants are administered by the University’s Student Loans Committee.
Student Grant: a non-repayable sum of money provided to a current student at Macquarie University to a maximum of $2000.Student Loan: a repayable sum of money provided to a current student at Macquarie University to a maximum of $2000 which is required to be repaid in accordance with a properly executed loan agreement.
|This policy applies to all students applying for loans or grants at Macquarie University and the staff who have responsibility for administering these schemes.|
|STUDENT LOANS COMMITTEE|
The University will establish a Student Loans Committee comprising:
A meeting of at least 2 members satisfies quorum.ELIGIBILITY CRITERIA FOR LOANS AND GRANTS
To be eligible for a Loan or Grant, the student must be:
To be eligible for an emergency loan the student must be:
Student Loans and Grants must be used to support the education costs of students whilst studying at Macquarie University, for example:
A Loan is the preferred funding assistance. Only one loan will be available to students at any one time. Grants will only be provided in exceptional circumstances.
STUDENT LOANS AND GRANTS AMOUNTS
APPROVAL OF LOANS AND GRANTS
Applications for loans or grants under $1500 may be approved by the Revenue Manager, OFS.
Emergency Student Loans must be approved by one member of the Student Loans Committee or their nominee, if applicable.APPEALS
An appeal against a decision made by the Student Loans Committee may only be made if:
Appeals must be made in writing to the Director, Campus Wellbeing and Support Services, or their nominee in their absence. The nominee must not be the Campus Wellbeing and Support Services Representative on the Student Loans Committee. The appeal must be made within 20 working days from the date a student is notified of the decision on their application.
The student will be notified of the outcome of their appeal within 10 working days of the date the appeal is received by the University.
The Student Loans Committee will make recommendations to the Chief Financial Officer (CFO) regarding additional funds required to support loan and grant schemes.
ACCOUNTABILITY AND REPORTING
The University may commence applicable disciplinary procedures if a person to whom this Policy applies breaches this Policy (or any of its related procedures).
|Contact Officer||Assistant Director, Revenue Services; Office of Revenue Services|
|Date Approved||15 August, 2014|
|Approval Authority||Chief Operating Officer|
|Date of Commencement||15 August, 2014|
|Amendment History||3 March 2017 - Minor amendments to wording under 'Purpose of Loans and Grants' section, and replacement of 'Assistant Director, Revenue Services, OFS' with 'Revenue Manager, OFS' for approval of loans and grants under $1500.|
November 2016 – Lowering of maximum loan allowed for laptop, tablet or computer from $800 to $500.
|Date for Next Review||August 2017|
|Related Documents||Debt Management Policy|
Student Loans and Grants Procedure
|Policies / Rules Superseded by This Policy||Student Loans and Grants Policy approved 13 April 2010|
|Keywords||Student Loan, Student Grant, Eligibility, Approvals, Debt Management, Emergency Loan|
|To describe the responsibilities and actions related to the administration of University funds used for student loans (including emergency loans) and grants in accordance with the University’s Student Loans and Grants Policy.|
|This procedure requires actions by the following:
APPLY FOR A STUDENT LOAN OR GRANT
Appeal in writing to the Director, Campus Wellbeing and Support Services at email@example.com within 20 working days of the date you were notified of the decision. You may only appeal if.
REQUEST AN EMERGENCY STUDENT LOAN
If approved, keep one copy of the approved paperwork for your records and present the other copy to the Cashier for payment.
Obtain the loan from the Cashier Counter level1 Lincoln Building.Sign loan agreement and repay the loan in a lump sum within one month of payment.
Student Loans/Grants Officer, Revenue Services, OFS
Copy all grants and loans applications and forward to the members of the Student Loans Committee for consideration. The Student Loans Committee will normally meet once a week.
PAYMENT OF APPROVED LOANS AND GRANTS
Once the student signs the agreement for an approved loan, forward a payment request to Accounts Payable for processing.
For all approved grants, forward a payment request to Accounts Payable for processing.
The processing of a loan or grant application by Accounts Payable is normally completed within 10 working days.
Enter all approved loan and grant information in the student loans/grants database.
EMERGENCY STUDENT LOANS
If a student accesses an emergency loan on more than one occasion, notify Campus Wellbeing and Support Services at firstname.lastname@example.org
Monitor and administer any outstanding emergency student loans in accordance with the Student Loans and Grants Policy.
FORMALLY ADVISE THE STUDENT OF THE OUTCOME
Advise unsuccessful applicants of the appeals process i.e. appeals can be made in writing to Director, Student Wellbeing and Support Services at email@example.com within 20 working days from the date a student is advised of the decision. .RECORD
Where an appeal is successful, enter the data in the student loans/grants database and process the payment accordingly.
Based on advice from the Student Loans Committee, determine applications that require urgent payment and liaise with the Assistant Director, Business Services, to facilitate any urgent payments.COMMUNICATE
Provide financial statements for the student loans and grants funds to the Student Loans Committee, Deputy Chief Financial Officer, Operations and the Chief Financial Officer bi-annually.
Student Loans Committee
ASSESS APPLICATIONS FOR LOANS AND GRANTS
Make recommendations as appropriate to the Chief Financial Officer regarding the funds available to support student loans and grants.
Director, Campus Wellbeing and Support Services
COMMUNICATE APPEAL OUTCOME
|Campus Wellbeing and Support Services staff member / Individual member of Student Loans Committee (or their nominee)||ASSESS NEED FOR AN EMERGENCY STUDENT LOAN|
Assess need for emergency loans in line with the Student Loans and Grants Policy considering the following:
If approved, sign and date the required paperwork, inform the student that the repayment will be required in a lump sum within 1 month of receipt of loan, and make 3 copies of the approved paperwork. Pass two copies of the approved paperwork to the student.Refer student to the Cashier Counter Level 1 Lincoln Building.
PAYMENT OF AN EMERGENCY STUDENT LOAN
|Contact Officer||Assistant Director, Revenue Services, Office of Financial Services|
|Date Approved||15 August 2014|
|Approval Authority||Chief Financial Officer|
|Date of Commencement||15 August 2014|
|Amendment History||3 March 2017 - Minor amendment: replacement of 'Assistant Director, Revenue Services, OFS' with 'Revenue Manager, OFS'.|
|Date for Next Review||August 2017|
|Related Documents||Debt Management Policy|
Students Loans and Grants Policy
|Documents Superseded by this Procedure||Emergency Student Loan Procedure approved 13 April 2010|
Student Loans and Grants Procedure approved 13 April 2010
|Keywords||Student Loan, Student Grant, Debt Recovery, Emergency Student Loan|