1.0 Reason for Policy

1.1 The purpose of this policy is to define the roles and responsibilities of Faculties and Units regarding the administration of student loan funds.

2.0 Policy Statement

2.1 This policy applies to all Faculty Student Loan funds and Emergency Student Loan funds, for both graduate and undergraduate students. These loan funds are established through one of the following sources: through gifts from donors; through funds raised within a Faculty/Unit; or from funding provided through the University's operating budget.

2.2 The responsibility over each individual loan fund rests with the Dean of the Faculty or the Director of the Unit. The "Terms of Reference" for each individual loan fund will determine the criteria for granting loans to students.

2.3 In the case of loan funds established through gifts from donors, the terms of reference of the trust fund will determine the criteria. In the case where a Faculty or Unit establishes the loan fund, the criteria will be determined by the respective Dean or Director, or their designate.

2.4 The Deans and Directors are responsible to ensure that the duties and responsibilities of loan fund coordinators (or similar position) are clearly established and communicated to the University staff holding these positions. Although each loan fund may have different terms, criteria, and beneficiaries, the overall duties and responsibilities should adhere to the general guidelines outlined in the procedures.

3.0 Accountability

3.1 The University Secretary is responsible for advising the President that a formal review of the Policy is required.

3.2 The Manager of Treasury Services is responsible for the communication, administration and interpretation of this Policy.

4.0 Secondary Documents

4.1 The Vice-President (Administration) or the President may approve Procedures which are secondary to and comply with this Policy.

5.0 Review

5.1 Formal Policy reviews will be conducted every ten (10) years. The next scheduled review date for this Policy is January 1, 2019.

5.2 In the interim, this Policy may be revised or rescinded if:

(a) the Approving Body deems uncessary; or
(b) the relevant Bylaw, Regulations or Policy is revised or rescinded.

5.3 If this Policy is revised or rescinded, all Secondary Documents will be reviewed as soon as reasonably possible in order to ensure that they:

(a) comply with the revised Policy; or
(b) are in turn rescinded.

6.0 Effect on Previous Statements

6.1 This Policy supersedes:

(a) all previous Board/Senate Policies, Procedures, and resolutions on the subject matter herein;
(b) all previous Administration Policies, Procedures, and directives on the subject matter contained herein;

7.0 Cross References

Procedure: Administration and Faculty and Emergency Student Loans