Credential Study Financial Support Procedure

1. Purpose 

To provide consistent guidelines for credential study financial support within Loyalist College. 

2. Application  

This policy applies to all full-time permanent employees of Loyalist College. 

3. Procedure 

• 3.1 Full-time permanent employees may apply for credential study financial support. The application must be submitted, in writing, to the Executive Director, Human Resources Services and Organizational Development’s office and will indicate the following: 
  • the credential and institution where the study will take place 
  • the length of the program of study 
  • whether study will be on a full time (on leave or sabbatical) or part-time basis 
  • the expected total cost of the program of study (i.e. tuition only) 
  • the extent to which the credential will enhance their effectiveness as an employee 
  • credentials will include recognized academic credentials as well as recognized professional designations and certifications 
• 3.2 The application for support must be accompanied by a letter from the individual’s dean/manager supporting the application. 
• 3.3 Applications must be submitted by January 31^st of each year. Approvals will be made at the end of February for the next fiscal year. 
• 3.4 All applications will be reviewed and discussed, in confidence, by the Credential Study Financial Support Committee comprised of the Vice President Academic, Executive Director, Human Resources Services and Organizational Development and the Chair, College Council. 
• 3.5 Under the General Credential Support Fund, support will not normally exceed $2,000.00 for any individual in a given year. If a program of study is expected to be spread over several years, multi- year support may be granted subject to continuing success in the program. There is no guarantee that the level of support will be the same for reach year. Applications for continued support must be made annually. For individuals completing a Master’s degree, on-going support for thesis work will be for a maximum of two (2) academic years and for a Doctorate, a maximum of four (4) academic years. 
• 3.6 An interest free loan of up to $6,000.00 may be made to a full-time permanent employee engaged in studies toward a Master’s degree or Doctorate awarded by an accredited post-secondary institution. Employees may apply for a second loan once the first loan is completely repaid. Loans can be repaid through payroll deduction with a maximum repayment period of five (5) years. 
• 3.7 Once the review has been completed, the Credential Study Financial Support Committee will finalize any credential study funding to be provided. Each applicant will receive written notification of the Committee’s decision regarding funding (see sample letters). 
• 3.8 Payment of General Credential Support will be made upon providing evidence of successful completion of the program of study or any portion of the program taken in a given fiscal year and providing receipts equal to or greater than the amount of the approved support. In order to comply with current Canada Revenue Agency guidelines, employees will be reimbursed for tuition fees only. 

As each year’s funding support is based upon the annual Business Plan approval, employees are required to submit requests for reimbursement of tuition fees within the same fiscal year of the approved funding. Should an employee need to carry the funding over to the following fiscal year, such employee must submit a written request for carry-over of funds to the Executive Director, Human Resources Services and Organizational Development. The request shall be reviewed to determine continuing availability of funds and the employee will receive written notification of the decision. 

4. Related Documents or Links 

• Appendix A – Credential Studies Funding 
• Application Sample B – Letter Approving Funding 
• Sample C – Letter Declining Funding