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Student Assistance Act 1973
9CStage 2—working out an accumulated ABSTUDY SSL debt
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#### 9C Stage 2—working out an accumulated ABSTUDY SSL debt
(1) A person’s accumulated ABSTUDY SSL debt, for a financial year, is worked out as follows:
where:
> ABSTUDY SSL debt repayments is the sum of all of the voluntary ABSTUDY SSL repayments (if any) paid, on or after 1 July in the financial year and before 1 June in that year, in reduction of the ABSTUDY SSL debts incurred in that year.
> ABSTUDY SSL debts incurred is the sum of the amounts of all of the SSL debts (if any) that the person incurred during the first 6 months of the financial year.
> former accumulated ABSTUDY SSL debt is the person’s former accumulated ABSTUDY SSL debt in relation to that accumulated ABSTUDY SSL debt.
> Note: The formula in this subsection is modified for the purposes of working out a person’s accumulated ABSTUDY SSL debt for the financial year starting on 1 July 2024: see section 9CA.
(2) The person incurs the accumulated ABSTUDY SSL debt on 1 June in the financial year.