Financial assistance - student loans
The following criteria apply:
- Student must be enrolled in an award course at Deakin University
- Student must demonstrate their ability to repay the student loan
- Student must not have an encumbrance on their academic record or use the loan to pay tuition fees
- 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).
Purpose of loan
Student Loans must be used for study-related expenses, such as:
- study/education related expenses eg textbooks
- one off expenses e.g. bond, rent
- living costs
- urgent unforeseen circumstances
- course related equipment
- medical expenses
- placements and experiential learning costs i.e. petrol, train ticket and child care expenses.
- Loans for financial hardship are available to any student enrolled full-time and part-time or provisionally enrolled in an award course of the University. 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. The University reserves the right to refuse a loan if a student has a poor repayment record in relation to previous loans.
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.
- 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.
A guarantor may become personally responsible instead of, or as well as, the student to pay the amounts which the student owes and the reasonable expenses of the credit provider in enforcing the guarantee. Guarantors are required to sign documentation in the presence of a staff member of the Division of Student Life; otherwise the required documentation must be posted to them. Please note:
- Guarantor forms may not be posted until after the interview has been conducted.
- A Guarantor must not be a student or staff member of any Australian University and must be over 21, an Australian citizen or permanent resident and financially secure.
Application and further information
All applicants will be interviewed by a Financial Assistance Officer. For further information, please call the Division of Student Administration at your Campus.