$1321 Cash Boost in Australia: Official Announcement, Eligibility and Dates. The government of Australia has launched various programs in order to help its citizens of all ages. There are pension programs for old age people, carer programs for children, and disability programs for disabled people. This time the government has launched a program to provide financial assistance to students. The program is named Student Start-up Loan (SSL). To learn more about it, keep reading the article below.
$1321 Cash Boost in Australia
The Student Start-up Loan (SSL) has been officially managed by Services Australia. They have announced that the applications are now open for 2025. This payment is in the amount of $1,321 and will be provided to students to cover the cost of their study supplies, travel costs, and living expenses. The SSL is provided twice a year in January and June and eligible students can claim it by filling out an application form.
As the name emphasises, this is not a payment given forever; it is a loan. The receivers will have to pay it back to Services Australia. The amount will be repaid as the principal amount plus the interest. This way, the students will understand the importance and implications of the loan and its repayments. The students are only required to pay the loan after they start earning a certain amount of money.
Eligibility Criteria
To be eligible to get this loan, one must meet the eligibility criteria set by Services Australia.
- Current Applicants of Centrelink Services: To sign up for a Student Start-up Loan, the individual must already be a recipient of specified Centrelink payments, such as Youth Allowance as a student, Austudy, or ABSTUDY Living Allowance.
- Application: The individual has to apply during the loan period and at least 35 days before their course ends. The timeline for applying for a loan is from January 1 to June 20, and July 1 to December 31.
- Study Rules: There are certain study rules the students must meet to qualify for the eligibility criteria for the loan.
- If the individual is applying for a new course or has started it, the loan will be paid along with their next regular student payment after their course start date.
- A degree or diploma must be earned through the course, or it must be a prerequisite for pursuing one.
- An individual can get an SSL if he is attending a university, some private college, and some TAFE college.
- You will be officially eligible to receive the SSL if you have met all the eligibility criteria on the 35th day of your course and you are still studying.
- Tax File Number: It is mandatory for the student to provide their valid tax file number.
How Can You Apply For the $1321 Student Start-up Loan (SSL)?
You are eligible to apply for the Student Start-up Loan (SSL) if you are claiming or already receiving a student payment. You can apply for the SSL if you are claiming any of the student payments:
- Youth Allowance
- Austudy
- ABSTUDY Living Allowance
Follow the simple steps to apply for the SSL if you are applying for any student loan for the first time:
- Visit the official website of Services Australia and create your account by providing the required information. If you already have an account, then you can simply log in using your ID and password.
- Fill out the application form by entering the required information. Carefully fill out the form to avoid mistakes. Upload the necessary documents, including the tax file number.
- At last, check the form and if all is correct, then submit it. Wait for Services Australia to review it and provide you a loan.
If you are already getting a student payment for a loan-approved course and you have linked your Centrelink account to MyGov, then you can follow these steps:
- Sign in to your MyGov account.
- Select the payments and claims from the menu.
- Then click on Update circumstances.
- Select Apply for/Manage Student Start-up Loan and then follow the given instructions to complete your application.
Paying Back of the Student Start-up Loan
You can pay back the student start-up loan when your is more than the minimum repayment threshold. The loan can be paid back through the Australian Taxation Office (ATO). To pay off your loan more quickly, you can also choose to make additional voluntary payments.