Exemption needed to fund Build SFU
Board voted to send a letter to the Ministry of Advanced Education requesting special consideration for the funding of the $65 million Build SFU project. The project needs to be financed in order to be completed on time, and the SFSS currently doesn’t have the capital to secure funding. In order to receive a lower interest loan, the university has agreed to back Build SFU by providing an income guarantee, but are unable to hold that much debt on their books as a government reporting entity.
The letter, which has been vetted by university administration and is to be sent out on Monday, requests that the Ministry considers supporting SFU’s request to income guarantee the Build SFU loan. The object of the effort is to ensure that the student-financed project, which will climb to a cap of $90 levees per semester, incurs as little interest as possible.
Financial Aid and Awards to grant SUB bursary
Board passed a motion to facilitate the Build SFU bursaries, which is the option for students with high financial need to receive their levee fees towards the project back, through SFU Financial Aid and Awards. The office processes applications and gives out awards for scholarships and bursaries through the SFU Student Information System.
By going through the Financial Aid and Awards system currently in place, Build SFU will be able to put the refund money for students who are in financial distress into an account with Student Services to dispense, of which the remainder can then be rolled over from year to year. The Build SFU levy will go into effect Jan. 2014, and will start at $10 per semester. The cap for the Build SFU bursary is set at three per cent of the project’s budget, which works out to $2 million over the lifetime of the project, though board indicated that percentage will be discussed in the future.
