Student loan scheme
The University of the Sunshine Coast's student loan scheme provides short-term loans to Australian and New Zealand citizens and Australian permanent residents.
Student loans
- up to A$500 (maximum) are available
- usually take up to seven working days for approval and processing, and
- accrue interest at market rate after three months of loan activation
Emergency loans
- up to A$50 in cash are available (with approval of Financial Services)
- after a minimum of 24 hours, and
- are interest-free for three months
Expenses covered by loan scheme
- textbooks, study-related materials, or study aids
Expenses not covered
- HECS, Library fines or other University fees and charges, and
- general living expenses such as rent, bond, telephone, rates, electricity bills, holiday expenses, airfares, family expenses, insurance, fines or court costs
Criteria for assessment of loan applications
Loan applicants must:
- have permanent Australian residency status
- demonstrate a clear need for the loan (bring along as much evidence as you can to support your application), and
- demonstrate an ability to repay the loan in full within the specified time
Steps to apply for a loan
- Complete the Student Loan Scheme Agreement Forms A and B plus the Fortnightly Income and Expenditure Sheet (available from Student Services)
- Make an appointment with the Student Equity and Diversity Officer at Student Services (allow 15 minutes minimum for the interview)
- Bring the following information with your interview:
- your student card
- proof of your income (either Centrelink income statement or payslips)
- for loans greater than A$50 you will need to provide your bank account details, including your account name and number and your BSB number. If your application is successful your loan will be credited to this account.
- as loans greater than A$50 are for specific education-related purchases only (eg textbooks, study aids, stationery), you will need to provide original quotes for these goods and services
- any other relevant information supporting your Student Loan Application
- details about your referee(s) and guarantors if applicable
Referees
For loans of up to A$50, you must provide the name, address and telephone number of a person willing to act as a Referee. You do not need a guarantor for these loans.
Guarantors
For loans greater than A$50 you will need a guarantor who must:
- sign a section of the application form
- be over the age of 18 and in receipt of a regular income
- meet the required criteria and satisfy Student Services of their ability (in terms of their financial situation) to repay the loan, if necessary
Student Services reserves the right to approach guarantors to ascertain accuracy of information and willingness to act as your guarantor; and if you default payment on any loan greater than A$50, your guarantor must repay the loan in full. If you are under the age of 18, it is a condition of any loan that it is guaranteed.
Loan approvals
Following a recommendation from Student Services staff, Financial Services has the final approval authority. Allow seven working days for loan approval and payment. Payments for new textbooks from the Co-op Bookshop are paid directly to Co-op. Payments for second-hand textbooks and computers are made by EFT into the applicant's chosen account.
Loan repayments
- You can view a printable online invoice on SOLAR under For Students, My Financial Status, View Financial Status. Your invoice will show your balance, reference numbers and methods of payment via POSTbillpay including by telephone, website (www.postbillpay.com.au) or in person at any post office.
- If you cease your enrolment at the University of the Sunshine Coast, repayment of the loan in full is required immediately.
Loan reviews
If you are unable to comply with the contract of your loan, you should contact Student Services, where new arrangements may be discussed in keeping with your changed circumstances.
Penalties
If you have not contacted Student Services to review your loan and your loan is not repaid according to your agreement, penalties will apply. These penalties are detailed in Section 4B of the application form and include the following:
- academic transcripts and results for the semester may be withheld
- re-enrolment may be prevented
Checklist
- Have you completed the Student Scheme Agreement Forms A and B plus the Fortnightly Income and Expenditure Sheet? These are available form Student Services.
- Has your guarantor completed and signed Part B?
- Have you made an appointment with the Student Equity and Diversity Officer at Student Services? Allow 15 minutes minimum for the interview.
- Are you able to demonstrate a definite need and purpose for the loan in your application? Make sure you bring along as much evidence as you can to support your application.
- Do you have official academic book quotes or quotes for associated study-related purchases. These quotes must be originals and include the company name and ABN number.
- Have you got your student card and proof of income? (eg Austudy or pension information, payslips, etc that will support your loan application.)
More information
Contact Student Services for more information on the student loan scheme.
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