Document ID: chunk:federal_register_of_legislation:C2011A00178:clause:2_8
Version: federal_register_of_legislation:C2011A00178
Segment Type: clause
Provision Reference: sch 2 cl 8
Character Range: 4375–5140

8  Subsection 96‑5(4)
Repeal the subsection (including the example), substitute:

Meaning of HECS‑HELP discount
 (4) The HECS‑HELP discount for a unit of study is an amount equal to one‑ninth of the sum of all of the *up‑front payments made for the unit.
Example: Robert is required to pay a student contribution amount of $2,745 by 31 January 2012, and makes an up‑front payment of $900 on 20 January 2012.
 Robert is entitled to HECS‑HELP assistance of $1,845 ($2,745 minus $900), which the Commonwealth must pay to the higher education provider.
 The up‑front payment exceeded $500 so there is a HECS‑HELP discount of $100 (one‑ninth of $900). The Commonwealth lends to Robert the remainder of the HECS‑HELP assistance, an amount of $1,745 ($1,845 minus $100).