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Student Authorisation To Hold Excess Funds Template for England and Wales

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Key Requirements PROMPT example:

Student Authorisation To Hold Excess Funds

"I need a Student Authorisation To Hold Excess Funds agreement for an international student who will be depositing £15,000 in advance for the 2025 academic year, with quarterly release provisions and emergency access clauses."

Document background
The Student Authorisation To Hold Excess Funds document is essential when students need to entrust their educational institution with funds exceeding their immediate academic expenses. Common in England and Wales, this authorization is particularly relevant for international students managing large payments, scholarship recipients, or students with advance payments. The document provides legal protection for both parties, ensures compliance with UK financial regulations, and clearly defines the terms of fund management, including holding periods, release conditions, and institutional responsibilities.
Suggested Sections

1. Student Details: Full name, student ID, course details, and contact information of the student

2. Institution Details: Name, registration details and contact information of the educational institution

3. Amount Authorization: Specific amount of excess funds to be held and currency details

4. Purpose: Clear statement of reason for holding excess funds and intended use

5. Duration: Period for which the funds will be held, including start and end dates

6. Terms of Release: Conditions and process for the release of funds back to the student

Optional Sections

1. Interest Terms: Terms regarding any interest earned on held funds, including calculation method and distribution

2. Emergency Access: Provisions for emergency access to funds, including process and conditions

3. Third Party Authorization: Provisions for authorizing other parties to access or manage the held funds

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and release schedule

2. Schedule 2 - Bank Account Details: Institution's designated account information for held funds

3. Schedule 3 - Terms and Conditions: Detailed terms and conditions governing the holding and management of excess funds

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions




















Clauses




















Industries

Consumer Rights Act 2015: Primary consumer protection legislation that covers contracts between traders and consumers, including educational institutions and students

Consumer Contracts Regulations 2013: Regulations governing information requirements and cancellation rights in consumer contracts, including distance contracts

Financial Services and Markets Act 2000: Principal legislation governing financial services and markets in the UK, relevant for handling student funds

Payment Services Regulations 2017: Regulations governing payment services and payment service providers in the UK

UK General Data Protection Regulation: Post-Brexit data protection legislation governing the processing of personal data in the UK

Data Protection Act 2018: UK's implementation of data protection standards, working alongside UK GDPR

Higher Education and Research Act 2017: Primary legislation governing higher education providers and their responsibilities in England

Consumer Protection from Unfair Trading Regulations 2008: Regulations protecting consumers from unfair practices, specifically as applied to higher education

CMA Higher Education Guidance: Competition and Markets Authority guidance specifically addressing consumer protection law for higher education providers

Client Money Rules: Regulatory requirements for holding client money, ensuring proper segregation and protection of funds

FCA Regulations: Financial Conduct Authority regulations regarding the holding and protection of client money

OfS Regulatory Framework: Office for Students regulatory framework governing higher education providers and their obligations

QAA Guidelines: Quality Assurance Agency guidelines ensuring quality standards in higher education, including financial matters

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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