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Interest-Free Loans for Payment of Course Fees

1 The College will consider applications from individual


members of staf for interest-free loans for payment or part-
payment of fees to enable them to take advanced courses of
study at other institutions.
2 Interest-free loans for course fees are considered strictly in
accordance with the reuirements set out in the !olicy on
"taf Training and Continuing !rofessional #evelopment.
Interest-free loans may be available in addition to any other
$nancial support from the College.
% The following conditions will apply&
'a( Interest-free loans will only be considered for courses of
study that meet the following reuirements&
'i( the programme must be appropriate to the
e)isting and
future needs of that member of staf* and
'ii( relevant to the needs of the department+institute
and+or mission of the College.
'b( Interest-free loans will be granted for payment or part-
payment of approved course fees only. They may not be
used for course materials or any other costs incurred in
connection with study.
'c( In making an application for an interest-free loan* the
member of staf will need to submit a short statement from
their head of department+institute+line manager* con$rming
that the proposed course meets the two criteria given in 'a(
above* together with any further information in support of
that application that may be relevant. ,ach individual case
will be considered on it merits.
'd( -pplications for interest-free loans will only be
considered from members of staf who have been employed
by the College for at least two years* prior to the start of the
proposed course of study.
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'e( Interest-free loans will only be granted up to a
ma)imum amount of 42222 per year and reuests for
amounts less than 4232 will not be considered.
'f( 5e-payments of loans will be made by monthly
deduction from salary or as determined by the 6inance
#epartment. 7ormally repayments will be collected by 12
instalments beginning in the month following payment of the
loan.
'g( If the member of staf leaves the employment of the
College before all instalments of the interest-free-loan have
been re-paid* then the outstanding balance of the loan will be
deducted from his+her $nal salary payment. If the balance of
the outstanding loan should be greater than the salary
payment for that month* the member of staf will be reuired
to re-pay the full outstanding balance of the loan to the
College within $ve working days of the date of their
termination of employment. Thereafter interest will be
charged on the outstanding balance at the prevailing rate.
'h( 8here such loans are granted* the member of staf will
be issued with a cheue made payable to the course provider
only* normally an approved College or 9niversity.
/ -pplications for interest-free loans for course fees should be
addressed in the $rst instance to the director of The :earning
Institute. - decision on whether or not a loan will be
approved will normally be given within $ve working days.
"8;
<ay 1==>
5evised ?ctober 2221
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