Australian Apprenticeship Support Loans Act 2014

CHAPTER 2 - Loan PAYMENTS  

PART 2.2 - MACHINERY PROVISIONS FOR PAYMENTS  

Division 4 - Payment  

SECTION 24   YEARLY RATE OF AUSTRALIAN APPRENTICESHIP SUPPORT LOAN  

24(1)    

A person ' s yearly rate of Australian apprenticeship support loan is:

(a)    if the person is undertaking the first year of an apprenticeship on the final day of an instalment period - $ 8,000; and

(b)    if the person is undertaking the second year of an apprenticeship on the final day of an instalment period - $ 6,000; and

(c)    if the person is undertaking the third year of an apprenticeship on the final day of an instalment period - $ 4,000; and

(d)    if the person is undertaking the fourth (or later) year of an apprenticeship on the final day of an instalment period - $ 2,000.

Note:

The yearly rates are indexed on 1 July 2017 and each later 1 July in line with increases in the consumer price index (see section 99 ).

24(2)    
The rules may prescribe one or more ways of determining, or criteria to be considered in determining, the year of an apprenticeship a person is undertaking on any particular day.