Student Assistance Act 1973

Each ABSTUDY SSL debt a person incurs is incorporated into the person ' s accumulated ABSTUDY SSL debt. This accumulated ABSTUDY SSL debt forms the basis for working out the amounts the person is obliged to repay.

There are 2 stages to working out a person ' s accumulated ABSTUDY SSL debt for a financial year.

In stage 1, the person ' s former accumulated ABSTUDY SSL debt is worked out by adjusting the preceding financial year ' s accumulated ABSTUDY SSL debt to take account of:

(a) the HELP debt indexation factor for 1 June in that financial year; and

(b) the debts that the person incurs during the last 6 months of the preceding financial year; and

(c) voluntary ABSTUDY SSL repayments of the debt; and

(d) compulsory ABSTUDY SSL repayment amounts in respect of the debt.

In stage 2, the person ' s accumulated ABSTUDY SSL debt is worked out from:

(a) the person ' s former accumulated ABSTUDY SSL debt; and

(b) the ABSTUDY SSL debts that the person incurs during the first 6 months of the financial year; and

(c) voluntary ABSTUDY SSL repayments of those debts.