Student Start-up Loan update4 December 2015
- From 1 January 2016, the Student Start-up Loan will replace the Student Start-up Scholarship and will be available to new student payment recipients (Youth Allowance (student), Austudy or ABSTUDY Living Allowance) undertaking higher education. It will be a voluntary income contingent loan which students will be able to apply for to help with the costs of study. The Loan will be paid a maximum of twice per year, generally at the beginning of each semester. Each Loan payment will be valued at $1,025 (to be indexed from 1 January 2017).
- Students will be required to repay the Loan once their income exceeds the minimum repayment threshold, currently at $54,126 for 2015-16. Payment arrangements will be managed by the Australian Taxation Office in the same manner as the Higher Education Loan Programme (HELP) debts. Repayment of the Loan will be delayed until after any HELP debt is completely repaid.
- Students who have previously received a Student Start-up Scholarship or Commonwealth Education Costs Scholarship and remained continuously in receipt of student payments, will continue to receive the Student Start-up Scholarship as a grant until coming off student payments.
For further information, please see the frequently asked questions.