Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where a student in relation to a course of study at an institution is liable to pay a contribution to the institution in respect of that course of study in respect of a semester, the following provisions of this section apply.
(2) If the student has made a payment in respect of the contribution in accordance with subparagraph 41(1)(a)(i) and has complied with subparagraph 41(1)(a)(ii), the Commonwealth shall, as a benefit to the student, pay to the institution an amount equal to the remainder (if any) of the contribution in discharge of the student's liability to pay that remainder of the contribution.
(3) If the student has not made a payment in respect of the contribution in accordance with subparagraph 41(1)(a)(i) but has complied with paragraph 41(1)(b) and section 41B, the Commonwealth shall, as a benefit to the student, lend to the student an amount equal to the unpaid part of the contribution and apply the amount so lent in making a payment to the institution in discharge of the student's liability to pay the unpaid part of the contribution.
(3A) If the student has not:
(a) made a payment in respect of a contribution in accordance with subparagraph 41(1)(a)(i); or
(b) complied with paragraph 41(1)(b);
but the student has:
(c) made a payment in respect of the contribution in accordance with paragraph 41(1A)(a) (the student payment ); and
(d) complied with section 41B;
the Commonwealth must, as a benefit to the student:
(e) lend to the student an amount worked out using the formula in sub - subparagraph 41(1A)(c)(i)(A) (the formula amount ) and apply the amount so lent in making a payment to the institution in partial discharge of the student's liability to pay the unpaid part of the contribution; and
(f) pay to the institution, in discharge of the remainder of the student's liability, an amount (the discount amount ) worked out using the following formula:
Example: If the student's contribution for the course of study is $2,350 and the student makes a payment of $1,000, the amount that the Commonwealth will lend to the student is $1,017, ie:
This amount is the formula amount (see paragraph (3A)(e)).
The amount that the Commonwealth will pay to the institution to discharge the student's liability is $1,350, ie:
The amount that the Commonwealth will pay to the institution comprises the sum of the amount the Commonwealth will lend to the student, ie $1,017 (the formula amount) and the student discount that the student receives for making the student payment ($333).
The value of the discount to the student for making the student payment is calculated as follows:
This amount is the discount amount (see paragraph (3A)(f)).
(3B) If:
(a) the student has made a student payment as provided for in subsection (3A); and
(b) the student continues undertaking the course of study and, in a later semester, does not make a student payment in respect of the later semester as provided for in subparagraph 41(1A)(c)(ii), the Commonwealth must, as a benefit to the student:
(i) lend to the student an amount equal to the unpaid part of the contribution; and
(ii) apply the amount so lent in making a payment to the institution in discharge of the student's liability to pay the unpaid part of the contribution.
(3C) If an amount worked out by using the formula in subsection (3A) is an amount made up of dollars and cents, then:
(a) if the amount of cents in the amount is 50--the amount is to be rounded up to the nearest dollar; and
(b) in any other case--the amount is to be rounded up or down to the nearest dollar.
(4) The Commonwealth may make advances to an institution on account of an amount that is expected to become payable by the Commonwealth to the institution under this section.