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 offers $1,025 for each six months of eligible study (a total of $2,050 per annum). The amount is indexed each year.
At a glance
To be eligible for the Student Start-up Loan you must be:
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.
Terms and conditions
Students who previously received a Student Start-up Scholarship prior to 1 January 2016 and remained continuously on student payments (Youth Allowance (student), Austudy or ABSTUDY Living Allowance) will continue to receive the Student Start-up Scholarship as a grant until coming off student payments. They will not be required to repay any part of it.