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Finance - Youth Allowance / Abstudy / Austudy

On 17 March 2010 the Senate voted to pass amendments to the Government’s student income support legislation. Stated briefly, the age of indendence is being lowered, new scholarships are being introduced, equity and merit based scholarships will be exempt from personal and partner income tests, there will be changes to the indendence criteria, parental income thresholds are increasing and there will be changes to the way parental and personal income affect the student’s rate of payment.
All students should check out the changes at the Centrelink website

Youth Allowance

Youth Allowance is a Commonwealth Government income support payment which is available to eligible students and young people looking for work. Youth Allowance is taxable and rates are indexed annually. Different rates of pay apply depending on whether the student is deemed to be "dependent" (parental income determines the amount of benefit payable, as well as student income) or "independent"(only the student income and maybe that of a partner, affect the amount of benefit payable, and as to whether the student is living at the parental home or away from home and if the student is partnered or has children or is a "long term income support" student.

Youth Allowance provides financial assistance to:

  • full-time students and Australian Apprentices aged 16 to 24 or students who are temporarily incapacitated for full-time study aged 21 to 24;
  • full-time students or Australian Apprentices 25 or more who were getting Youth Allowance before they turned 25 and are still doing the same course;
  • other young people up to 21 who are looking for work full-time, combining part-time job search and part-time study, doing other approved activities (including voluntary work), or who are ill;
  • and are an Australian resident (a two year waiting period may apply to new arrivals);
  • and who meet a personal and maybe a parent or partner income and assets test.

Austudy

Austudy is a Commonwealth Government income support payment available to eligible students commencing courses when aged 25 years and over. Austudy is taxable and rates are indexed annually. The student's income and maybe that of a partner determine the amount of benefit payable.

As well you must:

  • Be an Australian permanent resident;
  • Be in Austalia on the day you claim; and
  • Have lived in Australia for a total of two years

Abstudy

Abstudy is a Commonwealth Government income support payment for students of Australian Aboriginal or Torres Strait Island descent (according to the ABSTUDY definition of Aboriginality) of any age who undertakes study in an approved course at an approved institution (including a full-time Australian Apprenticeship). To apply contact a Centrelink office or call 132317.

Pensioner Educational Supplement (PES)

PES is a fortnightly payment from Centrelink to help some students with ongoing study costs.

Rent Assistance

may be available to Youth Allowance and Austudy recipients living independently and paying rent. Rent Assistance is administered by Centrelink.

To check your eligibility for student income support or rent assistance, contact Centrelink directly on 13 24 90. Payments can be made only from the date that an application is lodged with Centrelink.

Income support for Masters students

From January 1, 2008 the Federal Government has approved two Swinburne postgraduate programs for student income support payments.

Eligible students undertaking:

  • Master of Accounting;
  • Master of Practising Accounting
  • Master of Professional Accounting
  • Master of Professional Accounting - Leadership
  • Master of Technology (Information Technology)

can now claim Youth Allowance, Austudy or Pensioner Educational Supplement (PES).

For more information on Masters programs at Swinburne, contact Beth Graham in the Student Information Centre at Hawthorn:

Phone: + 61 3 9214 8882
Email: bgraham@swin.edu.au, or

Visit: Housing & Financial Advice Service in the Student Information Centre,
Swinburne Place
Wakefield Street
Hawthorn Campus

Student Income Bank

Allows Youth Allowance recipients who are full-time students and Austudy payment recipients to accumulate up to $6,000 of any unused portions of their fortnightly income-free area. Income Bank credits can be used to offset any income earned that exceeds the fortnightly income-free area. So even if you earn above the fortnightly income-free area, you may not lose benefits straight away if you have money in your Income Bank. It is important that you notify Centrelink of any changes to your fortnightly income to prevent you from missing out on benefits and also from incurring a debt through an overpayment.

Application Procedures

Check out all schemes at Centrelink and helpful hints are available here.