Student Loan Policy

Overview

The University's Student Loan Fund (SLF) provides financial support to students whose academic progress is being or may be impeded by a lack of financial resources. The fund is self-sustaining and relies on consistent control and recovery of loans.

Scope and Application

The fund is available to all University of Adelaide students who meet the eligibility criteria set out in the policy.

Policy Principles

1. Eligibility

a) Applicants must be enrolled:

• in an academic program leading to an award of the University of Adelaide, or
• in a Wilto Yerlo Foundation Course or a Centre for Aboriginal Studies in Music certificate or associate diploma program, or
• in a University of Adelaide course as part of a Study Abroad or Student Exchange program, or
• in the Pre-Enrolment English Program (PEP) offered through Professional and Continuing Education.

b) The following students are not eligible:

• students enrolled in a University of Adelaide course that does not lead to an award of the University (except for Study Abroad and Student Exchange students)
• single study students
• students who have defaulted on repayment of previous Student Loans, whether or not the previous loan has been formally waived. Exceptions may be made where the student has negotiated and met alternative repayment arrangements, or in exceptional circumstances.

2. Criteria

a) Applicants must demonstrate that

i) their academic record is such that they have a reasonable prospect of successfully completing their academic program but for their financial situation; and

ii) their financial situation is impeding or has the potential to impede their academic progress; and

iii) they have a capacity to repay the loan.

3. Purpose of loans

a) Loans may be made for any purpose which, in the opinion of the Approving Officers, will support the wellbeing and capacity to study of a student in financial need, including:

i) basic living expenses, including support of dependents, where the assistance is needed to deal with short-term or seasonal shortfall between income and expenditure

ii) educational expenses such as textbooks, equipment considered necessary for studies, field excursions

iii) bond money and expenses associated with moving into non-University-managed accommodation

iv) medical expenses.

b) Loans may not be made for:

i) the purchase or repair of motor vehicles, except in exceptional circumstances based on the availability of public transport, and the student's need for private transport to attend classes, transport children to school or childcare, or attend employment

ii) overseas travel, except where it is part of the student's academic program or can be demonstrated to be highly beneficial to the student's study in an academic program

iii) tuition fees, University Library fines, University accommodation charges, or other financial obligations owed to the University

iv) credit card debt repayments, except where the loan is critical to reduce service and interest charges and attain a balanced budget

v) debts incurred before the student began studies at the University, except where the loan is critical to reduce service and interest charges and attain a balanced budget.

4. Loan approvals and limits

a) For loans for domestic students, the Approving Officers are the Education and Welfare Officers in Student Care.

For loans for international students, the Approving Officers are the International Student Advisers in the International Student Centre.

b) An individual Approving Officer may approve a loan up to $500. Loans greater than $500 and up to $2000 must be approved by two Approving Officers.

c) In exceptional circumstances loans greater than $2000 and up to $5000 may be approved by the Deputy Vice-Chancellor & Vice-President (Academic) and the Vice-President (Services & Resources) jointly, on the recommendation of the Student Loans Committee.

5. Loan conditions

a) Successful applicants for a loan must sign a Loan Agreement, including a repayment schedule.

b) The repayment schedule must be structured to allow the loan to be fully repaid before the applicant completes their studies, and preferably within 12 months of the date of the loan.

c) Loans must be fully repaid before the student is permitted to graduate.

d) Loans are interest-free, except that interest of 1% per month may be payable on the outstanding balance if the repayment terms set out in the Loan Agreement have not been met.

e) An Approving Officer may decide that a loan cheque be drawn in favour of a person or organisation to whom the student is or will be indebted.

6. Guarantors

a) All loans for domestic students greater than $500, or which will bring the applicant's total loans to more than $500, require a guarantor. The Approving Officer may waive this requirement, where it is not reasonable for the applicant to provide a guarantor and where the applicant can provide evidence of a suitable personal asset that can be secured against the loan.

7. Renegotiating loan

a) When special circumstances change a student's financial situation after the loan is made, the repayment schedule may be renegotiated and approved by an Approving Officer, having regard to the same policy principles that apply to the original loan. The renegotiated schedule must be signed by the student and the Approving Officer, and forms part of the Loan Agreement.

8. Failure to comply with loan repayment schedule

a) The consequences for students who fail to comply with the repayment schedule specified in their Loan Agreement are as specified in Statute Chapter 89 and Consequences of Outstanding Debts.

9. Confidentiality

a) Documentation for all loans (whether approved or not) is retained on an individual student file for each student, and is subject to the University's Privacy Policy.

10. Appeals

a) Grievances about decisions made under this policy may be raised in accord with the Student Grievance Resolution Process

Authorities

Key	Authority Category	Authority	Delegation Holder	Limits
Academic	Enrolment & Progression	Approve student loans or waive guarantor requirements for domestic students in accord with the criteria specified in the Student Loan Policy	Approving Officers: (Education & Welfare Officers in Student Care)	Individual Approving Officer: up to $500. Two Approving Officers together: up to $2000
Academic	Enrolment & Progression	Approve student loans or waive guarantor requirements for international students in accord with the criteria and limits specified in the Student Loan Policy	Approving Officers: (International Student Advisers in the International Student Centre)	Individual Approving Officer: up to $500. Two Approving Officers together: up to $2000
Academic	Enrolment & Progression	Approve student loans between $2000 and $5000 in exceptional circumstances	Deputy Vice-Chancellor & Vice-President (Academic)	Up to $5000
Academic	Enrolment & Progression	Waive interest charges for late payment of loan repayments	Manager, Financial Operations (on advice of an Approving Officer)
Academic	Enrolment & Progression	Approve changes to a student loan repayment schedule	Approving Officer

Procedures for students

1. Application

a) Domestic students: Complete the Student Loan Fund Application form available from Student Care and lodge with Student Care with any relevant supporting documentation.

International students: Complete the Student Loan Fund Application form available from the International Student Centre and lodge with the International Student Centre with any relevant supporting documentation.

Supporting documentation may include:

• copies of bank statements for the previous three months
• pay slips for the previous month
• invoices (where relevant)
• quotes (were relevant).

b) Arrange an interview with an Approval Officer.

c) Discuss the proposed loan with the Approval Officer, and develop an agreed schedule of loan repayments

2. Guarantor

a) Arrange for the guarantor to complete the Guarantor Form (only if the Approval Officer advises that a guarantor is required).

3. Finalising loan

a) If the loan is approved, visit the Student Centre on the day designated by the Approving Officer with:

* personal identification

* the completed Guarantor Form (if required)

to sign the Loan Agreement and collect the loan.

4. Repaying loan

a) Ensure that regular loan repayments are made in accord with the loan repayment schedule in the signed Loan Agreement.

b) Payments may be made in the following ways:

i) at any branch of BankSA directly into the University's bank account

ii) by mail with cheque, credit card or money order to Revenue, Financial Services, The University of Adelaide, SA 5005

iii) via internet banking directly into the University's bank account.

c) Failure to repay the loan within one month of the times specified in the loan repayment schedule may result in:

i) cumulative interest of 1% per month being applied to the outstanding balance and/or

ii) any of the consequences specified in Statute Chapter 89 and Consequences of Outstanding Debts being applied, including denial of graduation.

5. Renegotiating loan

a) If special circumstances change your financial situation after the loan is made, arrange to speak with an Approving Officer, as soon as possible, as it may be possible to renegotiate the loan repayments.

Please use the following URL instead of linking to individual documents:
http://www.adelaide.edu.au/policies/1443/