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Information about the SFAS loans |
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Who can get an SFAS loan?
What can I get assistance for?The Student Financial Assistance loan scheme is available to students to assist with basic living and education costs. Loans are available to assist students when they have had a change in circumstances which has impacted on their management of on-going living and study expenses. Assistance is available for payment of expenses such as:
What can’t I get assistance for?Not all circumstances will meet the criteria for assistance. For example, SFAS loans are not usually provided for the following:
As long as the need is for basic living or education expenses, then it is worthwhile asking about an SFAS loan - if funding is not available from a reasonable alternative source. If you are in doubt about whether you qualify for an SFAS loan, you can either come in and see us or telephone Counselling Services or International Student Services on any campus. If we can't help you directly we'll try and provide you with relevant information or referral.
What amount of assistance is available?There are three categories of SFAS loans, based on the student’s course duration and the stage the student is at in their course. A Counsellor/Welfare Officer can approve up to $250 (for Category A students) or up to $500 (for Category B students), at the SFAS loan interview. Applications for greater amounts are referred to the SFAS Committee. The committee members consist of a Chairperson, nominated by the Director of Student Support Services and representatives from Finance, Counselling Services and International Student Services. When considering an application, the SFAS Committee will take into account:
The maximum amounts and applicable approval process is summarised in the following table:
What is the process of applying for an SFAS loan?If you are interested in applying for an SFAS loan, you should read all of the attached information to ensure that you are fully informed about the process and consequences of taking out an SFAS loan. It is important to think about how you will repay the loan and to explore all of your options. A Welfare Officer will be able to talk with you further about these options. To apply for an SFAS loan, you will also need to speak with a Welfare Officer or Counsellor. Please phone Reception, or just drop in, to arrange a time. Please advise the Receptionist that you are enquiring about an SFAS loan. Kelvin Grove campus Gardens Point campus Caboolture Campus students should contact the Counselling Service Office to find out when a Welfare Officer will next be on campus to process your loan. If your application is urgent and cannot wait until then, you will be able to make a phone consultation with a Welfare Officer to process the loan. You should complete and print out the online application and banking details forms and bring these to your meeting with the Welfare Officer or Counsellor. Check that you have fully completed the forms and ensure that you have signed each form. You will also need to bring to the meeting photo identification, preferably your student card or current driver’s licence, and any other relevant documents. For more information on the documents you need please see the section on What documents do I need to provide?
What are the criteria for SFAS loan approval?The decision to approve an SFAS loan is based on the student being in genuine financial need. The SFAS is primarily a welfare scheme designed to help students out of short-term financial problems where no other reasonable alternative is available. Loans are for unexpected expenses, or changes in your capacity to manage living and educational costs. If you need longer-term help in meeting your everyday living and educational expenses, please make an appointment to see a Welfare Officer. The SFAS Committee considers eligibility for a loan on the basis of the following factors, These factors should be addressed on the application form and in the Interview with the Welfare officer or Counsellor.
What documents do I need to provide?Documentation is required for the payment of bills/accounts. Examples of the types of document you will need to provide are:
To minimise any delays in processing your SFAS loan, it is best to bring as much information as possible to your loan appointment. Students are expected, where reasonable, to attempt to negotiate repayments of debts directly with the agency concerned. Many creditors are open to making repayment plans. More information on money management strategies is available on the Counselling website. Welfare Officers may also be able to assist you with strategies to negotiate repayments.
How do I receive the money?The SFAS loan will be made available to you by electronic funds transfer (EFT) directly to your bank account. It may be possible for some assistance to be given in cash depending on the circumstances. In order to do this by EFT it is necessary to have your bank account details, ie the BSB Number and Account details for the financial institution concerned. These details should be provided on the banking details form. It is important that you print-out and complete this form as part of the application process and bring it to your SFAS loan appointment.
How do I repay the SFAS loan?Usually, SFAS loans are required be repaid over a period of up to 6 months, in fortnightly instalments. You can negotiate to make small fortnightly repayments with some lump sum payments at set times so that SFAS loans are completed by the due date, or to repay an amount per fortnight which would repay the loan within the set period. For example: there are approximately 13 fortnightly repayments in a 6 month period therefore an SFAS loan of $500, obtained on March 1 and due on August 31, could be managed in the following ways:
Alternatively this amount can be paid entirely by fortnightly payments of approximately $40. Each SFAS loan is recorded as an invoice in the QUT Finance system. Recipients of an SFAS Loan are provided a copy of their loan invoice when the loan is initiated. Loan payments are treated as partial payments against this invoice. Note: You must retain this invoice document as it contains important information needed to make your loan payments. Please remember, these funds do need to be returned to the SFAS for use by future students. If you do not repay your loan there are consequences. These include being prevented from accessing QUT virtual and being prevented from Graduating or obtaining an official transcript of results, until the loan is repaid in full.If you experience difficulty keeping to the agreed repayment plan, you can meet with a counsellor/adviser in order to arrange a more suitable plan or additional time over which to repay the loan. It is important that you do this as soon as possible in order to avoid the consequences for non-payment. It is important to remember that your SFAS loan must be repaid in full before you graduate. If you are a final year student, check with your faculty about when you will need to finalise all outstanding monies to ensure that your graduation and release of results is not affected.For more information please refer to: What happens if I don’t meet my SFAS loan repayments?
Are there any fees (interest or charges) for this SFAS loan?Currently, there is no interest charged for an SFAS loan. However, a fee of $100 is charged if the SFAS loan is not repaid by the final due date and needs to be referred to a debt collection agency for recovery. This will usually only occur if the student has not maintained contact with the Scheme and has not arranged for additional time to repay the loan. Costs can also be awarded against the student, should legal action have to be taken (as a last resort) to recover the loan. If you are experiencing any difficulties with repaying your loan it is important to contact a Welfare Officer as soon as possible to discuss these and work out a viable repayment plan.
What do I do if I am having difficulties repaying the SFAS loan?
If you have any questions, or if you need assistance to work out an amended repayment plan that you are able meet, please make an appointment to see the Welfare Officer or a Counsellor. At any time, you can come and see the Welfare Officer or a Counsellor to discuss difficulties and to seek additional assistance.
What if I need more time to pay the SFAS loan?An extension of time to repay the SFAS loan will be considered under reasonable circumstances. The regularity of making previous repayments and/or the amount of repayment already made may also be taken into consideration when approving an extension of time. Students requiring an extension of time to repay an SFAS loan should complete the Application for Extension of Student Loan form and submit it to the loans administrator. It is important to ensure that you submit the application for extension before the loan is due. If you have any questions, or if you need assistance to work out an extension plan you are able meet, please make an appointment to see the Welfare Officer or a Counsellor. At any time, you can come and see the Welfare Officer or a Counsellor to discuss difficulties and to seek additional assistance.
What happens if I don’t meet my SFAS loan repayments?The focus of the scheme is to encourage students to maintain regular SFAS loan repayments. However, it is understood that at times students will have difficulty in doing this. There are a number of actions that you can take if you are experiencing difficulty in meeting your SFAS loan repayments. Please refer to the section on What do I do if I am having difficulties repaying the SFAS loan? for further details. If you don’t maintain the agreed repayment schedule over a period of time, or make alternative arrangements, there will be consequences as it is essential to recover the funds lent out in order to assist other students. Initially, the consequence of not keeping to the agreed re-payment plan over a period of time is to have a “Sanction” placed on access to QUT Virtual. This may prevent access to online material, course results and changing of enrolment details (or re-enrolling for the next semester). It is important for you to understand that this initial action is to REMIND you that you need to re-pay your loan. In this situation, full access to the QUT Virtual service will be re-instated once you have met with a Welfare Officer to discuss a manageable repayment plan and re-commenced payment of your loan. If a student defaults on the repayment of the SFAS loan by the due date and DOES NOT request an extension of time to repay, then additional penalties will apply. These can include the contacting of referees (referees will not be asked to repay the outstanding loan) and referral of the SFAS loan to a debt collection agency. This only becomes a necessary option for recovery of the debt if the student does not respond to requests from the SFAS Administrator to contact the scheme and negotiate a direct repayment plan. An administration fee of $100 will be charged for SFAS loans referred for debt collection. Legal action MAY be undertaken as a final option to recover the debt. The costs of this action will be added to the SFAS loan debt. Having an SFAS loan which has not been repaid in full will affect your graduation from QUT, and the release of an official transcript of results. To ensure that this does not happen, you will need to repay your loan in full by the date required by QUT for the finalisation of the Graduation list for your faculty. It is your responsibility to find out the appropriate date and to ensure that graduation can occur. If this occurs, please talk with a Welfare Officer to find out how you can address this issue.
Who should I contact for more information?Enquiries about obtaining an SFAS loan, or management of an existing SFAS loan, can be directed to the Counselling Service on each campus, or to International Student Services (ISS) for International Students (see section below for contact details). Kelvin Grove campus Gardens Point campus Caboolture Students should contact the above offices to either talk with a Welfare Officer by phone or make an appointment for when they will be next on campus. If you have an existing loan and need to contact the Committee, arrange for adjustments to your repayment plan, or enquire about the amount still owing, please email the Loans Administrator at qut.studentloans@qut.edu.au.
Information for International StudentsInternational Student Services (ISS) are available to provide assistance with personal, legal and financial counselling and referral. ISS are co-located with Counselling and Health Services on each campus:
If in doubt whether you qualify for a student loan you can either come in and see us or telephone ISS on each campus. If we can't help you directly we'll try and provide you with a relevant referral.
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