2000-4-3Students' Financial Aid (Scholarships, Bursaries, SELF)

Issue Date:
March 20, 2008

Upon request, the college will provide a copy of this policy in an alternate format.

Policy

In addition to various federal and provincial financial assistance programs (such as the Ontario Student Assistance Program) the College makes available financial assistance to qualified students in an effort to equalize educational opportunities for all.

Student Emergency Loan Fund (S.E.L.F)

Purpose of the Fund

The Lambton College Student Emergency Loan Fund (S.E.L.F) is intended to provide a short‐term means of assistance to students of the College experiencing temporary cash flow problems of a nature directly influencing their attendance and performance at the institution.

Financial Support

The fund is a stand‐alone account held at a lender. Loans from this fund will continue as long as there is money in the account. Although it is interest free, users are required to pay a fee of $10.00 for each loan that is issued. Revenue from this fee is added to the account.

Eligibility

All full‐time students in receipt of OSAP funding enroled in any program may apply to the emergency loan fund. Applicants must provide evidence satisfactory to the Financial Aid Office of their need for the loan and their ability to repay the loan within a60‐day period.

Non‐OSAP and part‐time students are not normally eligible to borrow from the College Student Emergency Loan Fund. In exceptional circumstances, the Financial Aid Administrator may approve a request should special circumstances be warranted.Emergency Loan Fund payments cannot be made to applicants who require funds either directly or indirectly for purposes other than meeting those expenses that are normally incurred in support of attendance at College.

Lambton College is not able to accept any responsibility to provide loan assistance to its students. Emergency Loan funds will be issued to students as long as there are funds in the emergency loan account. Requests are dealt with in the order of their receipt at the Financial Aid Office.

Loan Amounts

Total indebtedness to the Emergency Loan Fund on a short‐term basis may not exceed$1000.00 at any one time. A user fee of $10.00 is charged for each cheque issued to the student.

Terms

The Student Emergency Loan Fund is an interest free loan. Repayment is due in full within 60 days of loan issuance.

Procedure

The student is required to meet with the Financial Aid Administrator (FAA) to discuss their financial situation. The Financial Aid Administrator will check the student's financial and academic record to determine if the applicant is in good standing with the College. In the case of an OSAP student, verification of OSAP funding will be done. Anon‐OSAP student, if deemed eligible for a loan, must provide the FAA with are payment plan.

If the student is eligible a cheque is written directly in the Financial Aid Office. Two signatures are required to issue a cheque. Signing authority rests with the Financial Aid Administrator, the Registrar, the Financial Aid Officer and the Director of Finance. The loan amount including the $10.00 user fee is then recorded on the student's account on the student record system.

Fund Management

This fund is managed by the Financial Aid Administrator who reports to the Registrar.The Financial Aid Administrator ensures that all emergency loans are entered on the student record system. In addition, the Financial Aid Administrator keeps updated spreadsheets that are reconciled on a monthly basis and forwarded to Finance. The purpose of the reconciliation is to ensure that the account is not put in overdraft.

Scholarships

Definition

A monetary award issued to students to recognize outstanding academic achievement.

Procedures

Responsibility for administering the scholarship program rests with the Financial Aid Administrator. Each year, the FAA works with the academic schools to select the scholarship recipients based on the eligibility requirements of each scholarship and the previous year’s academic work.

The award recipient and the donor are invited to an annual awards luncheon, which takes place in November.

Eligibility

Eligibility requirements are as determined by the donor.

Payment

In all cases, funds from the scholarship are applied to outstanding fee accounts first. The balance of scholarship funds are then paid to the student directly.

The recipient will be issued a T4A for the full amount of the scholarship.

Bursaries

Definition

A monetary award issued to students who can demonstrate financial need.Student Financial Aid Policy

Eligibility

The applicant must be a full‐time student who can demonstrate financial need.The College will consider a part‐time student under special circumstances.

All bursary applicants must be in good academic standing, demonstrated by the student maintaining a minimum term and program Grade Point Average of 2.0.

Procedure

The responsibility for administering the Bursary Program rests with the Financial Aid Administrator. Bursary applicants are required to complete a bursary application. The application is reviewed by the FAA to determine the following:

  • Financial need
  • Academic standing

The applicant must demonstrate financial need by completing a school year budget indicating costs and resources.

Bursaries applications are considered three times per year, in November, February, and May. In all cases, bursary funds are applied to outstanding fee accounts first. The balance of the bursary funds are paid directly to the student.

Bursary recipients are issued a T4A for the full amount of the bursary.


For questions or concerns regarding policies, please contact:

Jim Elliott
Director, Quality Assurance & Institutional Research
519-542-7751 x 3489
jim.elliott@lambtoncollege.ca

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