Directives

PURPOSE

To provide short-term financial assistance to students for educational or living expenses while waiting for approved funding from government financial aid programs.

SCOPE

Students who are registered full-time and are waiting to receive funding through a government approved financial aid program or from sponsors

DEFINITIONS

 None

POLICY

1.  The College, through Financial Aid Services, will administer both a short term interest-free emergency loan and a cash advance system for students who are awaiting funds from an assured source.
2. Emergency Loans
   2.1  The College through Financial Aid Services will loan a small amount of money on a short-term interest-free basis to students awaiting an assured source of funding, which is not currently available or has been delayed.   Students wishing to apply for such loans will be interviewed by a Financial Aid Officer to determine their financial needs and resources.    Students must have a current registered status before they can be considered for a loan.  Each case is considered on its own merits.
   2.2  Students are expected to exhaust other normal channels of assistance, such as family and  friends, before applying for such loans.  A loan of $50.00 can be approved, processed and released to the student during the same working day and is designed to help students who are faced with unforeseen short-term emergencies.
3. Cash Advances on Government  Financial Aid Programs
   3.1  Students who are registered full-time at the College, have been approved and are waiting to receive funding through a government approved financial aid program (like OSAP) may apply for  an advance on their financial  aid funding.  This advance will be deducted from the government  approved funding upon receipt in Financial Aid Services.  It is the student’s responsibility to ensure  that the College is repaid all cash advances.
   3.2  Students will be interviewed by a Financial Aid staff member to determine eligibility for an advance.  In addition to the total amount of governmental funding to be received by the student, all outstanding fees and monies owing the College will be considered during the application and approval process.
   3.3  There are maximum amounts of funds that the College can provide students.  In some cases, the  student’s needs are in excess of the maximum which can be approved.  Such students must consider alternative solutions to their financial difficulties.  Short waiting period of two to four days is usually required after a cash advance has been approved.
   3.4  If for whatever reason, the student does not receive the anticipated government funding, he or she is will be responsible to the College for the repayment of the approved cash advance.
4. Non-payment of Loans or Cash Advances
   4.1  Students who fail to repay their loans or cash advances, as agreed in the College’s Promissory Contract, and who have not made alternative arrangements with the Finance Office will be considered in default.
   4.2  The Finance Office will send a letter to the student containing the details of the outstanding debt, stating that unless payment is made immediately, the student’s file will be encumbered.
   4.3  When a student’s record is encumbered, the student will be denied further registration, and all  transcripts, certificates and diplomas will be withheld until such time as the financial obligation  has been met. 

PROCEDURE

SUPPORTING DOCUMENTATION
None

RELATED POLICIES
SA 05   Scholarships, Awards and Bursaries

RELATED MATERIALS
None