Student Loans Regulations

Transcription

1 Made by the Monash University Council Version incorporating amendments as at 3 November 2011 Part I - General 1. Interpretation In these regulations, unless a contrary intention appears - "campus" means one or all of the campuses of Berwick, Clayton, Caulfield, Gippsland, Parkville and Peninsula, as the case requires; "director" means the director of Health, Wellbeing and Development; "loan" means a loan to a student from the Students Loan Fund established by Statute Students' Loan Fund; "Student Loans Committee means the Student Loans Committee established by Statute Students' Loan Fund. 2. Meetings Subject to these regulations, Statute Meetings applies to the meetings of the Student Loans Committee and the campus loan committees. Part II - Loans committees and student advisers 3. Student Loans Committee 3.1 The Student Loans Committee consists of a nominee of the Council, who is chair of the committee; the director; at least one student adviser from each campus - and other members as determined by the committee. 3.2 A quorum for a meeting of the committee is six members. 3.3 The Student Loans Committee -

2 3.3.1 must determine an annual budget for the Students' Loan Fund; and may make allocations from the Students' Loan Fund to the campus loans committees and the student advisers. 4. Campus loans committees and student advisers 4.1 There must be a campus loans committee and one or more student advisers on each campus. 4.2 Despite anything in the regulations, the campus loans committees and student advisers are subject to the direction and authority of the Student Loans Committee. 5. Campus loans committees 5.1 A campus loans committee must include from the particular campus the manager of Health, Wellbeing and Development; at least one student adviser; and a person with a social work qualification or with experience in financial planning or advice - and may include a student nominated annually by the student association on the campus; and other members as determined by the committee. 5.2 A quorum for a meeting of a campus loans committee is three members. 5.3 At its first meeting, and thereafter annually, a campus loans committee must elect one of its members to be chair of the committee. 5.4 The student adviser member or, where there is more than one, the student adviser member nominated by the committee is the secretary and convener of the committee. 5.5 A campus loans committee may grant loans to students of not less than $1,500 and not more than $3,000 or, with the approval of the Student Loans Committee $5,000; subject to the overriding authority and control of the Student Loans Committee, is responsible for the activities of the campus student advisers under these regulations; and Page 2

3 6. Student advisers must report every two months to the Student Loans Committee on its activities and those of the campus student advisers under these regulations. 6.1 One or more student advisers must be appointed for each particular campus by the director. 6.2 A campus student adviser - Part III - Student Loans 7. Loan authority may grant loans to students on the campus of not more than $750 or, in conjunction with one other member of the campus loans committee $1,500; and must report to each meeting of the campus loans committee on his or her activities under these regulations. In this part, unless a contrary intention appears loan authority means the relevant campus loans committee or campus student adviser as the case requires, depending on the amount of the loan or potential loan concerned; and Open Universities Australia course means a course offered at the university through Open Universities Australia Pty Ltd. 8. Loan eligibility 8.1 A student is eligible for a loan where the loan authority is satisfied that the student has good prospects of completing the course of study in which the student is enrolled ; and requires assistance for or towards subsistence, essential course materials or other expenditure of a nature which in the opinion of the loan authority is highly desirable for the academic progress of the student. 8.2 Except in circumstances deemed exceptional by the loan authority, a loan must not be granted subject to subsections 8.3 and 8.4, to a first year undergraduate student in the student's first semester of study; for Commonwealth supported place charges; Page 3

4 8.2.3 for tuition fees; to an international student for visa charges; for debts incurred before enrolling at the university or to a student enrolled solely in an Open Universities Australia course. 8.3 A campus loans committee may grant a loan to a first year student in the student s first semester of study where the loan is for short term assistance. 8.4 A student adviser may grant a loan to a first year student in the student s first semester of study where: the loan is for short term assistance; and the approval of the campus loans committee has first been obtained. 9. Loan requirements 9.1 Subject to these regulations a loan may be for a period of no more than three years; a loan is subject to terms and conditions determined by the loan authority; the student must sign a loan agreement in a form approved by the loan authority; and subject to subsection 9.2, a loan exceeding $750, must be supported by a guarantee in a form and signed by a guarantor approved by the loan authority. 9.2 A loan authority may forego the guarantee on a loan not exceeding $1, Repayment to an international student, on condition that the loan is repaid within 12 months or prior to graduation, whichever first occurs; or to a student, not being an international student, where the committee is satisfied that the student is in dire financial need and that exceptional circumstances preclude the provision of an acceptable guarantee A loan is repayable on the repayment date specified in the loan agreement; or the date the student ceases to be a student - Page 4

5 whichever first occurs For the purposes of paragraph , a student Interest who completes his or her course of study and does not enrol for a course of study or a unit in a course of study in the following semester, ceases to be a student on the last day of the semester of completion; or where the student has a deferred or supplementary assessment, on the date of publication of the results of that assessment; or whose studies are for any reason discontinued before completion, ceases to be a student on the official university date of discontinuation A loan has an initial interest free period of 12 months After the interest free period, a loan may, at the discretion of the Student Loans Committee, be subject to interest as provided in this section The rate of interest payable on a loan is 2 per cent below the long term bond rate, provided that the maximum rate is per cent per annum; and must be set on an annual basis by the Student Loans Committee, provided that, in the event of a substantial movement in interest rates during any year, the rate of interest payable may be revised by the committee Where the rate of interest is revised under subsection 11.3 the revised rate applies only to loans taken out after the revision Upon a student's written application, the Student Loans Committee may, in circumstances it considers exceptional, permit the student to pay a specified reduced rate of interest for such period as the committee determines Where any loan repayments are outstanding after the final repayment date, a penalty rate of interest of 5 per cent above the long term bond rate may, at the discretion of the Student Loans Committee, be payable on the amount outstanding Interest payable under this section must be calculated on the daily balance owing and charged monthly until the loan is discharged In this section "long-term bond rate" means the market rate, as published in the Australian Financial Review or similar publication, issued by the Commonwealth of Australia for bonds that have a maturity date nearest to 10 years from the date of the setting of the applicable interest rate for the purposes of these regulations. Page 5

6 12. Sanctions A student who has failed to repay a loan, including interest, by the repayment date may not obtain a transcript of academic record, re-enrol or graduate except where the director, in circumstances he or she deems exceptional, otherwise determines. Page 6