$5 MILLION Financial Support Package
These are challenging times. As we continue to feel the effects of COVID-19 worldwide, we are now seeing firsthand the impact on the lives of many in our own communities.
We know that many Kaplan Business School students are facing difficult circumstances due to COVID-19 and in response we have established a $5 million financial support package that includes the following key elements:
TEMPORARY TUITION RELIEF
For Trimester 2, 2020, we will provide a $750 credit to be applied to your fees for that trimester. For most students, this represents a reduction of approximately 10% of gross tuition fees based on a full-time study load. Click here for Terms and Conditions.
FINANCIAL HARDSHIP FUND
We’ve set up a KBS Financial Hardship Fund that contains $1.5 million exclusively for Kaplan Business School students most in need, which has been partly funded by voluntary salary reductions from Kaplan Australia executives. 1,200 current KBS students will be eligible for a $500 Digital Mastercard, which will be delivered in the middle of May, in addition to receiving a credit of $750 to be applied to Trimester 2, 2020 tuition fees. Click here for further details.
WAIVING OF ADMINISTRATION FEES
For Trimester 2, 2020, we will waive key administrative fees for re-enrolling students including the Recognition of Prior Learning Fee ($260) and the Assessment Re-mark Fee ($250). Click here for Terms and Conditions.
EXTERNAL FINANCIAL SUPPORT AND AID
A number of state and federal government authorities, along with a wide range of community-based organisations, offer extensive financial assistance and support. We’ve collated these here to make them easy for you to access. We will keep this list updated regularly. Please note, all external websites and services are subject to change.
If you have any further questions related to the detail noted above, please read the Frequently Asked Questions below. If your question is not answered in these FAQs, please email email@example.com.
Q: I need some financial assistance now. How can KBS help me?
A: The financial hardship measures have been designed to help KBS students most in need. Part of the Financial Hardship Fund is a $500 Digital Mastercard, so students can have immediate financial relief. We’ll be issuing these at the same time as the successful applications are determined, without any delays.
In the meantime, we encourage students to explore all the necessary external options of financial aid and support, offered nationally and by state. See a full list of these here, which we endeavour to keep up to date.
Q: Do I have to apply for the Temporary Tuition Relief?
A: No. Almost all students will automatically get this credited to their account when they enrol in subjects for Trimester 2, 2020.
Q: Does the Temporary Tuition Relief apply to each subject?
A: No. The Temporary Tuition Relief applies to your total tuition fee for the trimester.
Q: Why are you providing a credit instead of transferring the funds directly into my account?
A: To implement these measures so that students are assisted as rapidly as possible, we’ve opted for a Mastercard because the logistics, systems-related processes, administration, time and compliance aspects of organising direct transfers would have delayed payment to students by many months. Such a delay was unacceptable to us.
Q: Why do I have to enrol in Trimester 2 to be eligible for the $750 credit?
A: Our financial hardship measures are designed in part to ensure our students can continue studying with Kaplan Business School beyond the current trimester. Since tuition fees are a significant cost for many students, providing a substantial credit towards these fees was deemed to be the most direct way of ensuring they can continue towards their ultimate goal, which is to complete their studies.
Q: Why is Kaplan Business School committing fewer funds than universities?
A: Universities in Australia are publicly funded by the Australian Government. As an independent provider, Kaplan Business School does not receive such funding from the government and therefore does not have the resources or scale to match the universities.
It should also be noted KBS has only 10% of the number of students enrolled on average at each Australian university, which means we are nowhere near the beneficiaries of the enormous revenues they generate.
A fairer comparison would be to assess KBS’s financial hardship measures to other non-university providers across Australia. To our knowledge, no other institution has publicly announced measures as generous or as extensive as those that have been launched by us.
Q: What is the KBS Financial Hardship Fund?
A: The KBS Financial Hardship Fund has been established to support our students through this unprecedented and challenging time.
The Fund will award 1,200 successful applicants a $500 Digital Mastercard and a $750 credit on KHUB upon enrolling in their subjects for Trimester 2, 2020.
Q: Who is eligible?
A: The KBS Financial Hardship Fund is only for students who are enrolled in Trimester 1, 2020, including those on Suspension of Studies and Deferral from Trimester 1, 2020.
Please note the following students will not be eligible to apply for the KBS Hardship Fund:
- Students who have had an Absent Fail grade for one or more of their subjects,
- Students who have been found guilty of academic or non-academic misconduct at any point throughout their studies.
Q: What happens after I apply?
A: All applications will be assessed objectively by the KBS Financial Hardship Fund Committee, based on a student’s circumstances and the weight of evidence provided.
Following the assessment of all applications by the KBS Hardship Fund Committee, all students will be notified of the outcome of their application in writing from Monday 18 May, 2020 over a period of 5 days.
Q: How and when will the funds be applied?
A: Successful applicants will receive the $500 Digital Mastercard with a letter advising them their application has been successful. The $750 credit will be applied to their KHUB account for Trimester 2, 2020.
The $750 credit must be used for subject enrolments in Trimester 2, 2020 and will be removed if there is no subject enrolment in that trimester.
Q: Why are there only 1,200 approved applications for the KBS Hardship Fund?
A: It’s important to note the Temporary Tuition Relief and the waiving of administration fees will apply to almost all students automatically, with no need for an application.
The KBS Hardship Fund is limited in numbers to ensure we can provide substantial and meaningful financial relief to students struggling the most. We are focused on ensuring it is these students who are prioritised for the hardship payment, whilst also ensuring all students receiving some financial relief through the Temporary Tuition Relief scheme.
It is also worth emphasising that 1,200 students represents approximately one third of our entire student cohort, which to our knowledge makes the KBS Financial Hardship Fund more extensive than similar funds established by other institutions, including universities.
Q: How will you decide which students are approved for a financial hardship payment?
A: Each application will be assessed objectively and given a weighted score based on the student’s circumstances and balance of evidence provided. The 1,200 students with the highest score will consequently be prioritised to receive funds.
The newly established KBS Financial Hardship Fund Committee will then be responsible for overseeing the distribution of these funds to the students who need it most, based on these objective measures.
Q: Why didn't I get approved?
A: We are limited to providing a total of 1,200 approvals to successful applicants. Each application will be assessed on the level of financial hardship the student is experiencing. It’s therefore possible you are not one of the 1,200 students most in need.
Alternatively, you may not have provided sufficient evidence to verify the financial hardship you’re experiencing. We are therefore encouraging all students to submit as much relevant evidence as possible with their application.
Q: What can Kaplan do for me if I don't get approved?
A: If you are unsuccessful in your application for the KBS Hardship Fund, we encourage you to get in touch with your local Student Experience team to discuss your circumstances. We’re always here to support our students, especially during these testing times. If you apply and don’t receive a payment from the KBS Financial Hardship Fund, please get in contact with us so we can explore some alternative options for Trimester 2, 2020.