(1) This Procedure is effective from 18 December 2015. (2) This Procedure sets out processes for the administration of the Student Loan and Grant Fund and is pursuant to the Student Financial Assistance policy. (3) This Procedure applies to: (4) This Procedure is pursuant to the Student Financial Assistance policy. (5) There are two categories of repayable loans: (6) The student seeking financial assistance completes the Student Financial Assistance Application Form, providing the following documentation: (7) Applications are processed by the Scholarships and Financial Assistance Office, Division of Student Administration, which is the main contact for the administration of student loans. (8) A loan payment default results in the entire outstanding loan amount becoming a debt due and payable to the University and may result in: (9) Deakin Finance will determine the repayment schedule as recommended by the Scholarships and Financial Assistance Office with all Loans having to be fully repaid not later than six weeks prior to the end of the last exam period (or the date on which the borrower ceases to become a student). (10) Students must maintain up to date repayments in accordance with their repayment schedule and student loan contract. (11) Loans must be fully repaid before the student is permitted to graduate. (12) Guarantors shall be required for Loans where: (13) Where special circumstances exist and financial circumstances have changed, students may seek to renegotiate their payment schedules with the Financial Services Officer from Deakin Finance. (14) The collection process is triggered once the instalment date has passed by seven days whereupon Dunning reminder letters are issued. (15) Once the recovery process has been exhausted a student loan may be deemed unrecoverable and referred to the Manager, Financial Services, (Deakin Finance) for write off approval. (16) For the purpose of this Procedure:Student Financial Assistance procedure
Section 1 - Preamble
Section 2 - Purpose
Section 3 - Scope
Top of PageSection 4 - Policy
Section 5 - Procedures
Loan purpose
Applications
Student loan default
Loan repayment
Guarantor requirements
Re-negotiation
Inability to repay
Collection Process: - Dunning Letters
Bad Debt Write Off Procedure
Section 6 - Definitions
View Current
This is the current version of this document. To view historic versions or versions that have not yet come into effect, click on the Historic or Future version links in the navigation bar.