I put together this article to hopefully shed some light on what it means to be eligible for Austudy. There is a couple of conditions that need to be met, firstly you need to be able to prove to Centrelink that you are a Full time student and meet the Study load requirements, secondly you need to prove you you do not have too much money (Assets & Income) to be able to pay your own way through University.
Full Time Study Load:
This means that you need to be studying full time in order to have eligibility for austudy. Centrelink defines a full time study load as: “your tertiary course either has a HECS loading of 0.375 for each period or you are doing 75% of a study load”.
This sounds pretty complicated but for me it means I am doing 3 subjects a semester at Macquarie University. When I applied for Austudy I checked with Macquarie and they where able to tell me the “HECS Loading” of each unit and how many I need to do to be eligable. Its a good idea to check with your University as they should be able to tell you what is a full time load to meet the eligibility for Austudy.
This is a test to see how much assets you have. Everything you have such as any cars, property, cash in bank accounts and things such as that will be assessed to determine if you have an amount of assets that exceeds the limit.
If you do have more assets than allowed you will not be have eligibility for Austudy. For the vast majority of students this will not be a concern…you literally need to have several hundred thousand before this becomes an issue!
Liquid Assets Waiting Period
For those who pass the Assets test you also need to pass the Liquid Assets waiting test before you can have eligibility for Austudy and start receiving any benefits.
This is a lot harder to pass as its often only a few thousand Dollars. If you have enough assets you may need to wait upto 13 weeks before you receive your first payment from Centrelink.
You do need to pass the income test to have Eligability for Austudy, however in order to receive each payment every fortnight you need to provide how much income you have earned so the amount of benefits can be calculated for you.
In plain English if you earn too much in a part time job they reduce how much you will be paid from Centrelink and if you earn enough you won’t get anything.