Commonwealth Consolidated Regulations

ABSTUDY SUPPLEMENT REGULATIONS - REG 9

(1)

For the purposes of subparagraph 12F (1) (b) (i) of the Act, the maximum amount of financial supplement that a category 1 student is eligible to obtain in relation to a grant eligibility period of 1 year is the lesser of:

(a)

$7,000; and

(b)

the amount worked out using the formula in subregulation (3).

(2)

For the purposes of subparagraph 12F (1) (b) (i) of the Act, the maximum amount of financial supplement that a category 1 student is eligible to obtain in relation to a grant eligibility period of less than 1 year is the lesser of:

(a)

the amount worked out using the formula in subregulation (3); and

(b)

the amount worked out using the formula in subregulation (4).

(3)

For the purposes of paragraphs (1) (b) and (2) (a), the formula is:

where:

annual benefit is the amount of a prescribed benefit to which the student would be entitled in relation to the grant eligibility period if no financial supplement were obtained by the student; and

overpayment is the amount (if any):

(a)

that is:

(i)

a student assistance overpayment; or

(ii)

a special educational assistance scheme overpayment; or

(iii)

a prescribed educational scheme overpayment; or

(iv)

a Social Security or Veterans' legislation overpayment; and

(b)

that has been paid, at any time, to, or in relation to, the student; and

(c)

in relation to which there is an unsatisfied liability to the Commonwealth; and

(d)

that the Secretary has determined is to be recovered from the student in the grant eligibility period; and

actual benefit is the amount (if any) of a prescribed benefit that has been paid to the student in relation to the grant eligibility period (except any amount that is, under subsection 7 (8) of the Act, taken never to have been paid to the student).

(4) For the purposes of paragraph (2) (b), the formula is:

(5)

In this regulation, a reference to an amount that is:

(a)

the maximum amount of financial supplement to which a category 1 student is eligible; and

(b)

an amount of dollars and cents;

is a reference to that amount rounded up to the nearest whole dollar.

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