OS-HELP Loans

1. Requirement  for assessment

Your loan application will only be assessed when you have met these  requirements:

2. Selection Process

You will not be considered for an OS-HELP loan if;

• you have received two OS-HELP loans before, including from another higher education provider;
• your overseas study location is where the Australian Government smartraveller website has the advice at:
  • Reconsider your need to travel; or
  • Do not travel.
• you are encumbered; or
• you are on intermission.

Limited Loans

The Commonwealth Government allocates a limited number of OS-HELP loans to Monash each year. If there are insufficient loans available for eligible applicants, students will be selected using  the following criteria:

• you have not previously received an OS-HELP loan;
• you have previously applied and been assessed ineligible for an OS-HELP loan,  due to insufficient loans ;
• you are nearing completion of your studies;
• you can demonstrate significant financial disadvantage;
• you are applying for a smaller loan amount; and/or
• you have the highest Weighted Average Mark (WAM).

You may be awarded a loan less than the amount for which you applied.

Loan applications may be declined for students who are receiving scholarships, grants, subsidies or other forms of financial assistance that fully or partially fund their overseas study.

3. Application Outcome

You will be notified by Monash Abroad of the result of your application within two months of the term deadline. The outcome will be sent by email to your Monash student email address.

Loan Acceptance

To accept your loan, you must:

On submission of your eCAF, a PDF receipt will be sent to the email address you nominated in the form.

Timing of the payment

Once Monash Abroad has verified that the above requirements have been met, you will receive an email from Monash Abroad confirming your loan payment is being scheduled. This is likely to occur approximately four weeks before your program commencement date.

Note that even if you are departing overseas early, the loan payment will still be timed according to your overseas program commencement date, not your departure date.

A legally binding debt to the Commonwealth of Australia will be incurred at the time the loan is paid into your nominated bank account, even if you do not proceed with the overseas study.

OS-HELP loans can not be paid after the completion date of your overseas program has passed.

Changing loan amount

• If you want to change the loan amount after you have submitted your application, you must write to Monash Abroad requesting the change.
• You may be permitted to change your loan amount provided your request is received before you submit your eCAF.
• Requests to increase loan amounts will only be granted if Monash Abroad assesses that sufficient funds are available for all eligible students who apply in that calendar year.
• If you want to apply for an increase in the loan amount, you will be advised whether your request has been granted as soon as practicable, but it may not be possible to assess the availability of funds immediately.

Loan Cancellation

If you wish to cancel your loan application, this will only be possible if your loan has not been paid. To do this, write to Monash Abroad requesting the loan application be cancelled.

Monash may withdraw a loan offer prior to the loan being paid, if:

• your circumstances change, rendering you unable to meet the OS-HELP eligibility criteria;
• it has been determined that you have provided false or misleading information;
• you will not, for any reason, be undertaking the overseas study;
• you have not completed and submitted an eCAF; or
• You have failed to verify USI and/or TFN verification in the eCAF.