View Document

Student Loans and Grants Procedure

This is the current version of this document. You can provide feedback on this document to the document author - refer to the Status and Details on the document's navigation bar.

Section 1 - Purpose

(1) To describe the responsibilities and actions related to the administration of University funds used for Student Loans (including Emergency Student Loans) and Student Grants in accordance with the University’s Student Loans and Grants Policy.

Scope

(2) This Procedure requires actions by the following:

  1. Revenue Manager, Office of Financial Services (OFS);
  2. Cashier;
  3. Student;
  4. Student Loans Committee;
  5. Student Loans and Grants Officer, Revenue Services, OFS;
  6. Student Wellbeing staff member; and
  7. Director, Student Life
Top of Page

Section 2 - Policy

(3) Refer to the Student Loans and Grants Policy.

Top of Page

Section 3 - Procedures

Responsibilities and Required Actions

Student

Apply for a Student Loan or Grant

(4) Complete the AskMQ - Student Loan Application Form and submit it with supporting documentation to Revenue Services, Office of Financial Services (OFS).

Appeal a Decision Regarding a Student Loan or Grant

(5) Appeal in writing to the Director, Student Life at wellbeing@mq.edu.au within twenty (20) working days of the date you were notified of the decision. You may only appeal if:

  1. a procedural irregularity has occurred; or
  2. there is new information that could not reasonably have been provided at or prior to the decision, and that will most probably have affected the decision outcome.

Request an Emergency Student Loan

(6) Visit Student Wellbeing to request an Emergency Student Loan and complete required paperwork.

(7) If approved, keep one copy of the approved paperwork for your records and present the other copy to the Cashier for payment.

(8) Obtain the loan from the Cashier counter Level 2, 18 Wally's Walk.

(9) Sign loan agreement and repay the loan in a lump sum within one (1) month of payment.

Student Loans and Grants Officer, Revenue Services, OFS

Accept Applications

(10) Create a central file for the application and allocate a reference number to it.

(11) Copy all Student Grants and Student 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 Student Loans and Student Grants

(12) For all approved Student Loans, create a loan agreement which includes repayment terms and conditions for the student to sign. Organise an appointment with the student to execute the agreement.

(13) Once the student signs the agreement for an approved Student Loan, forward a payment request to Accounts Payable for processing.

(14) For all approved Student Grants, forward a payment request to Accounts Payable for processing.

(15) The processing of a Student Loan or Student Grant application by Accounts Payable is normally completed within ten (10) working days.

(16) Enter all approved Student Loan and Student Grant information in the Student Loans / Grants database.

Monitor

(17) Monitor and administer any outstanding Student Loans in accordance with the debt management policy.

Emergency Student Loans

(18) For all approved Emergency Student Loans, upon receipt of a copy of the approved request, enter the data in the Student Loans / Grants database.

(19) If a student accesses an Emergency Student Loan on more than one occasion, notify Student Wellbeing at wellbeing@mq.edu.au

(20) Monitor and administer any outstanding Emergency Student Loans in accordance with the Student Loans and Grants Policy.

Formally Advise the Student of the Outcome

(21) For all Student Loans and Student Grants, formally advise the student of the outcome of their application using the student’s Macquarie University email address.

(22) Advise unsuccessful applicants of the appeals process, i.e. appeals can be made in writing to Director, Student Life at wellbeing@mq.edu.au within twenty (20) working days from the date a student is advised of the decision.

Record

(23) Where an appeal is successful, enter the data in the Student Loans / Grants database and process the payment accordingly.

Revenue Manager, OFS

Approve Payment

(24) Approve non order payment forms for successful Student Loan or Student Grant applications in accordance with the Delegations of Authority Register.

(25) 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

(26) Provide financial statements for the Student Loans and Student Grants funds to the Student Loans Committee, Deputy Group Chief Financial Officer, and the Vice-President, Finance and Resources bi-annually.

Student Loans Committee

Assess Applications for Student Loans and Student Grants

(27) Assess all applications for Student Grants and Student Loans within five (5) working days of receipt, determine eligibility, and advise outcome to Student Loans and Grants Officer, Revenue Services, OFS.

Monitor Funds

(28) Make recommendations as appropriate to the Vice-President, Finance and Resources regarding the funds available to support Student Loans and Sudent Grants.

Director, Student Life

Review Appeals

(29) Review or nominate an individual to review an appeal in accordance with the Student Loans and Grants Policy.

Communicate Appeal Outcome

(30) Communicate the outcome of the appeal decision to the student within ten (10) working days of the date the appeal is received by the University.

(31) Communicate the outcome of the appeal decision to the Student Loans and Grants Officer, Revenue Services, OFS and the Student Loans Committee.

Student Wellbeing Staff Member / Individual Member of Student Loans Committee (or Their Nominee)

Assess Need for an Emergency Student Loan

(32) Assess need for Emergency Student Loans in line with the Student Loans and Grants Policy considering the following:

  1. what caused the emergency; and
  2. what other efforts have been made to secure support.

(33) If approved, sign and date the required paperwork, inform the student that the repayment will be required in a lump sum within one (1) month of receipt of the Emergency Student Loan, and make three (3) copies of the approved paperwork. Pass two (2) copies of the approved paperwork to the student.

(34) Refer student to the Cashier counter Level 2, 18 Wally's Walk.

Cashier

Payment of an Emergency Student Loan

(35) Check the form for the correct date, approval amount (maximum $50), and Student ID (via student system if required), then make the cash payment to the student.

(36) Recoup the loan through the petty cash process.

Top of Page

Section 4 - Guidelines

(37) Nil.

Top of Page

Section 5 - Definitions

(38) Commonly defined terms are located in the University Glossary. Definitions specific to this Procedure are contained in the Student Loans and Grants Policy.