US Financial Aid

US Financial Aid

SUMMARY

The US Financial Aid Policy establishes how Macquarie University fulfils its obligations in relation to the administration of the United States of America (US) Financial Aid Federal Family Education Loan Program (FFELP) and Direct Loan Program (DLP).

POLICY

Purpose

To specify how Macquarie University fulfils its obligations in relation to the administration of the United States of America (US) Financial Aid Federal Family Education Loan Program (FFELP) and Direct Loan Program (DLP).

Overview

The participation by Macquarie University in the US Federal Student Financial Aid programs requires it to comply with a range of US legislation, including:
  • Health Care and Education Reconciliation Act 2010
  • Higher Education Act 1965 (as amended)
  • Higher Education Reconciliation Act 2006
  • Higher Education Relief Opportunities for Students Act 2003
  • Electronic Signatures in Global and National Commerce Act
  • Gramm-Leach-Bliley Act
  • Family and Medical Leave Act 1993
  • Family and Educational Rights and Privacy Act

Scope

This policy is applicable to eligible US students who are applying for US financial aid under the Direct Loan Program (DLP) - previously the Federal Family Education Loan Program (FFELP). At Macquarie University, it will be of particular relevance to staff in the Office of Financial Services (OFS) and Macquarie International (MI). It will also be relevant to external organisations such as the US Department of Education and US universities.

DEFINITIONS
Student: the person who borrows money under the DLP program guidelines.
University: Macquarie University.
Title IV Funding: refers to the administration of US federal student financial aid programs.

Refer to the detailed Glossary for further definitions.

Policy

Where the University has received certification for its participation in the US Federal student financial aid program, it will comply with the requirements of that program.

This will include:
  • administering the scheme in accordance with the criteria set by the US Federal government
  • complying with all relevant Australian (state and federal) legislation
  • setting minimum levels for satisfactory academic progress (SAP)
  • monitoring performance against SAP levels and only disbursing funds to students as appropriate
  • ensuring refunds of Title IV funds meets US federal regulations
  • compliance with standard Australian accounting practices, including arranging for independent compliance audits
The Director, US Financial Aid will be responsible for administering US financial aid under the DLP on behalf of the University.

Policy Information

Contact OfficerDirector, US Financial Aid, Office of Financial Services
Date Approved23 December 2008
Approval AuthorityDeputy Vice-Chancellor and Chief Operating Officer
Date of Commencement1 January 2009
Amendment HistoryAugust 2011 – changed name from FFELP to DLP
November 2009 – alignment with University Policy Framework
Date for Next ReviewJune 2012
Related DocumentsUS Financial Aid – Direct Loan Program:

US Financial Aid - US Private Loans

Staff Code of Conduct

Health Care and Education Reconciliation Act, 2010 (USA)

Privacy and Personal Information protection Act PPIPA 1998 (NSW)
Policies / Rules Superseded by this PolicyUS Financial Aid policy approved 23 December 2008
KeywordsUS, Financial, Aid, Title IV Funds, Direct Loan, Stafford Loan, PLUS loan, FFELP Loan
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