The Brandon University Students’ Union (BUSU) has introduced an Emergency Student Loan Program that is intended to provide monetary support to students facing financial crisis.
The loans are offered interest-free in amounts of up to $500 in order to assist students that are facing a “sudden condition of financial distress that hinders academic success,” stated BUSU Vice-President Internal, Raymond Thomson.
This policy was adapted by BUSU due to the limited number of resources available to students in financial need.
“The Brandon University Students’ Union is always concerned about the welfare of its members. The Emergency Student Loan Program is a good example of our commitment to helping students at Brandon University,” said Thomson.
The Emergency Student Loan Program is intended to provide students with monetary aid for academic purposes and other costs related to attending university, whether assistance is needed for personal or school-related reasons which may result in a deterrent to a successful university education. The application process would determine whether a claim is valid for financial assistance.
Thomson added that “the program is designed to give students who do not qualify for emergency financial assistance at Brandon University, or who may be reluctant to apply for a high-interest loan or line of credit at a private financial institution, an interest-free repayable loan.”
The total loan amount granted to a student shall be approved by the Vice-President Internal and the BUSU executive committee.
Students must be enrolled in a minimum of nine credit hours per term to be eligible to apply for loans. There is no limit on how many times an individual may apply to the Emergency Student Loan Program for assistance.
A repayment plan will be developed by the recipient and the Vice-President Internal to ensure that the loan is to be repaid to BUSU no longer than sixty days after it is initially bestowed. However, repayment of the loans can be prolonged in cases of exceptional circumstances.
BUSU has set aside an annual allotment of $2000 for the program, which is not to be exceeded within the annual period. Two-thirds of the funding is to be allocated between May 1st and December 31st of each year. The remaining amount will be apportioned for the period between January 1st and April 30th in order for students to have the opportunity to receive funding throughout the fall, winter, spring, and summer terms should the need for assistance arise.
Applicants’ personal information will be kept confidential, with only the executive members of BUSU having access to the information.
The executive members of BUSU are responsible for ensuring that this program and its subsequent policies are respected. The Vice-President Internal will direct the terms of agreement and the ensuing obligations of the Emergency Student Loan Program.
Republished from The Quill print edition, Volume 103, Issue 26, March 26, 2013.