Financial undertaking means any transaction that provides a functional equivalent to borrowing that does not appear as a liability on a Person’s consolidated balance sheet. It includes any agreement, device, or arrangement that helps the Person protect itself from fluctuations in the financial markets, such as forward rate currency exchange agreements and interest rate options. Generally, a financial undertaking must register with the Financial Supervisory Authority of Norway within three months after receiving its licence.
A financial undertaking is a guarantee that a student will be able to meet their living costs during their studies. A college, such as Pembroke, cannot provide assistance to students who do not have sufficient funds to pay for their education. If students cannot make their repayments, they may be asked to leave. If they fail to meet their obligations, they will be required to draw down their own money and honor their loan promises.
A financial undertaking is a promise to pay the fees for a course. A student must sign a statement stating that they will be able to meet their expenses and fees during their studies. If fees have been paid by an outside organisation, be sure to include the appropriate details and signature of the person responsible for them. In addition, a student should outline their personal payment plan, including the number of instalments, the size of the instalments, and the dates for the payments.
The Financial Undertaking form is linked to a student’s LSE for You account, and can be uploaded to the LSE for You account when the student receives an offer. The form also outlines the payment plan a student will use to make their payments. It should outline the dates for each instalment, and indicate the total size of the payments. It is important to make sure the financial undertaking is a realistic option for the student.