General student loans

Deakin University
Posted on:

Type

Financial aid

The University provides interest free student loans, for study related expenses, to students who are in financial need and are progressing satisfactorily with their studies.

Currently enrolled undergraduate, postgraduate, off-campus, full time and part time students in an award course are eligible to apply. Further information is available by contacting a Financial Assistance Officer at any Deakin University campus.

Purpose of student loans

Student loans must be used for personal study-related expenses, such as:

study/education related expenses, e.g. textbooks

one off expenses, e.g. bond, rent

living costs to assist with your studies

course related equipment

medical expenses

placements and experiential learning costs i.e. petrol, train ticket and child care expenses.

Student loans are not available for non-study related expenses, costs incurred before your commencement of study at Deakin (ie. pre-existing debt) or expenses incurred by others (eg. family members).

Eligibility for a loan

Students must

be enrolled, or provisionally enrolled either full time or part time in an award course at Deakin University

be residing in Australia

demonstrate their ability to repay the student loan

not have an encumbrance on their academic record

not use the loan to pay tuition fees

Application process

To apply for a loan, complete the student financial assistance form (PDF 800KB).

Terms of the loans

The maximum loan amount is $2000 at any one time

Loans of $501 - $2000 must have a guarantor

Loans up to $500 generally do not require a guarantor except for 1st year, 1st trimester students

Students in the 1st year, 1st trimester of their course are required to have a guarantor and may apply for a maximum of $500

Students must be at least 18 years of age

Loans must be repaid within a maximum of two years or 6 weeks prior to the end of the last exam period (or the date on which the borrower ceases to become a student).

The University reserves the right to refuse a loan if a student has a poor repayment record in relation to previous loans.

Applications for a loan may be lodged at any time but applications from students undertaking the final year of their course will not be accepted within six weeks of the last day of examinations in their final trimester, except in special circumstances.

Penalties

If a loan has not been repaid on the due date prescribed by the loan agreement, an administrative or academic encumbrance may be applied. These can include:

the borrower's academic record be withheld

the borrower may be prohibited from borrowing Library material and accessing ITS facilities.

The Council may refrain from conferring the degree, diploma or certificate to which they are entitled.

Further information about failure to repay loans.

Repayment terms

Students must maintain up to date repayments as agreed to on their repayment schedule.

All loans shall be repayable on whichever is the earliest of the following:

the due date shown in the loan agreement;

the date on which the borrower ceases to be a student;

the date of any breach by the borrower of any of the terms or conditions upon which the loan was granted; or

if the borrower becomes bankrupt, the date of bankruptcy.

It is the responsibility of the student to meet their repayment schedule. If circumstances change and the borrower is unable to repay the loan according to their schedule, a Student Loan Officer at your campus can advise you of your options.

More Information

Posted on:

Type

Financial aid

Geelong%2C%20Australia

Geelong , Australia