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No new financial supplement loans are available from 1 January 2004.
For existing loans, a person's loan repayment arrangements will continue unchanged. Loan recipients do not have to repay their loan until their income is above average weekly earnings. Remaining loans will be collected via the taxation system.
The following SFSS guideline references remain for historical purposes.
The amount of financial supplement payments a student is entitled to receive is recalculated whenever the student's YA, Austudy or PES is reassessed. A change in the level of a student's general rate can result in a change to their maximum financial supplement payment. The action required after a change in the maximum financial supplement payment depends on whether or not the student has already accepted the financial supplement.
The financial supplement amount can be adjusted if the reduction or increase to the maximum possible SFSS amount:
If financial supplement instalments have commenced and reassessment INCREASES the maximum possible financial supplement, then the student may increase that amount, provided the total does not exceed the maximum amount.
If financial supplement instalments have commenced and reassessment REDUCES the maximum possible financial supplement, then the student is provided with details of the reduction in general rate and SFSS amount. The other possible results of this reduction are explained in the following table.
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If… |
Then the… |
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the reduced rate of payment is sufficient to cover the amount traded in for the financial supplement, |
financial supplement continues as before. |
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the reduced rate of payment is NOT sufficient to cover the amount traded in for the financial supplement, |
financial supplement is reduced to the maximum recalculated amount. |
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an overpayment arises because the financial supplement already paid exceeds the maximum payable to the student for the year, |
amount of the overpayment becomes part of the student's financial supplement debt and further instalments are cancelled. |
A student who is not receiving the maximum financial supplement amount they are eligible to receive, may at any time request the CBA to increase the amount.
A student who is receiving financial supplement instalments, may at any time request the CBA to reduce the amount of the financial supplement. However, the reduced amount CANNOT be less than the:
Act reference: SSAct Chapter 2B-Student financial supplement scheme
Policy reference: SS Guide 3.8.4.10 Eligibility & General Rules for SFSS, 3.8.4.60 Cessation of the Financial Supplement, 3.8.4.70 Repayment of the Financial Supplement - Before the Contract Ends
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Last reviewed: 20 March 2012
