3.8.4.40 Cut-off dates for SFSS
Note: No new financial supplement loans are available from 1 January 2004.
For existing loans, a person's loan repayment arrangements will continue unchanged. Remaining loans will be collected via the taxation system.
The following SFSS guideline references remain for historical purposes.
Effect of cut-off dates
If a student does not lodge their SFSS application form with the CBA before certain cut-off dates their payment period is reduced. The effect of the cut-off dates on the payment period is shown in the following table.
| Date lodged | Type of application | Payment starts from … |
|---|---|---|
| By 31 May | full year, or first semester |
the beginning of the eligibility period. |
| After 31 May, and on or before 30 September | full year, or second semester |
whichever is the later:
|
| After 30 September | full year, or second semester |
the date the application is lodged at the CBA. |
Example: Missing a cut-off date
Nadia has commenced a 3-year degree course. She turns 16 on 1 May. She is qualified to receive YA from 1 May to 31 December, or 245 days. She is receiving YA payments of $45.80 per fortnight, or $3.27 per day.
If the cut-off is NOT missed she could normally trade in 245 days at this rate, that is, $801.15, for a financial supplement of twice that amount, that is, $1,603.
If the application is not lodged until 20 June, Nadia's payment period is 1 July to 31 December, which is 184 days. She is only able to trade in the amount she actually RECEIVES during that period, an amount of $601.68. Therefore the maximum financial supplement she can receive is twice that amount, or $1,204.
Example: Semester 2 applications lodged by 30 September
Phillip is studying for semester 2 only. He becomes qualified for the maximum away from home rate of YA on 21 September. His eligibility period is therefore 21 September to 31 December, which is 102 days.
He lodges his SFSS application on 29 September, so his financial supplement payment period is also 21 September to 31 December. The maximum financial supplement he can apply for is the lesser of:
- ($7,000 divided by 365) multiplied by 102 = $1,956, or
- twice the amount of his general rate during this period which is $4,518.
Therefore, Phillip is entitled to a maximum financial supplement of $1,956.
Category 2 - short course applications
The effect of cut-off dates on the eligibility period for category 2 students undertaking short courses is shown in the following table.
| If application is lodged … | then SFSS payment period is … |
|---|---|
| within 4 weeks of being given the Supplement Entitlement Notice (SEN) | the same as the eligibility period, which is usually the course duration. |
| more than 4 weeks after being given the SEN | from the date the application is lodged at the CBA to the end of the eligibility period, which is usually the end of the course. |
Extenuating circumstances
If a student lodges their financial supplement application and agreement form with the CBA AFTER a cut-off date, a concession can be applied that allows the application to be treated as though it was lodged before the cut-off date. This can apply if:
- the student took reasonable steps to lodge the application on time, AND
- circumstances beyond the student's control prevented the application being lodged on time, AND
- the student lodged the application as soon as practical after the circumstances stopped, AND
- the application was not lodged after 31 December.