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

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

1. 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

1. 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 for each loan that is issued. Revenue from this fee is added to the account.

Eligibility

1. All full‐time students in receipt of OSAP funding enrolled in any program may apply to the emergency loan fund. Applicants must provide evidence satisfactory to the Office of the Registrar & Financial Aid Services of their need for the loan and their ability to repay the loan within a 60‐day period.
2. 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 Coordinator 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 expenses that are normally incurred in support of attendance at College.
3. 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 to Financial Aid Services.

Loan Amounts

1. Total indebtedness to the Emergency Loan Fund on a short‐term basis may not exceed $1000 at any one time. A user fee of $10 is charged for each cheque issued to the student.

Terms

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

Procedure

1. The student is required to complete an Emergency Loan Application and meet with their Enrolment Services Professional to discuss their financial situation. The Enrolment Services Professional will review the application and 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. A non‐OSAP student, if deemed eligible for a loan, must provide the Enrolment Services Professional with a repayment plan.
2. If the student is eligible, a cheque is written directly in Financial Aid Services. Two signatures are required to issue a cheque. Signing authority rests with the Financial Aid Coordinator, the Registrar, and the two Associate Registrars. The loan amount, including the $10 user fee, is then recorded on the student's account in the student record system.

Fund Management

1. This fund is managed by the Financial Aid Coordinator who reports to the Associate Registrar. The Financial Aid Coordinator ensures that all emergency loans are entered into the student record system. In addition, the Financial Aid Coordinator 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

1. Definition
   1. A monetary award issued to students to recognize outstanding academic achievement.
2. Procedures
   1. Responsibility for administering the scholarship program rests with the Financial Aid Consultant. Each year, the Financial Aid Consultant 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.
   2. The award recipient and the donor are invited to an annual awards ceremony, which takes place in March.  This event is planned and orchestrated by the Foundation.
   3. The College encourages the participation of donors in determining the criteria for scholarship distribution. However, in order to comply with CRA regulations, donors will not participate directly in the selection of scholarship and bursary recipients of their donation.
3. Eligibility
   1. Eligibility requirements are as determined by the donor in consultation with the College.
4. Payment
   1. In all cases, funds from the scholarship are first applied to outstanding fee accounts. The balance of scholarship funds are then paid directly to the student.
   2. The recipient will be issued a T4A for the full amount of the scholarship.

Bursaries

1. Definition
   1. A monetary award issued to students who can demonstrate financial need.
2. Eligibility
   1. Eligibility requirements are determined by the donor in consultation with the College.
3. Payment
   1. In all cases, funds from the bursary are first applied to outstanding fee accounts. The balance of bursary funds are then paid directly to the student.
   2. The recipient will be issued a T4A for the full amount of the bursary.