Student Assistance Act 1973
If the Secretary decides that the incorrectness of the statement referred to in paragraph 12T(1)(b) resulted from false or misleading information provided to the Commonwealth in relation to the student, the Secretary may give written notice of the decision to the student and to the corporation. 12U(2)
If notice is so given, then, unless the decision of the Secretary under subsection (1) is set aside or varied:
(a) the corporation's rights in respect of the student under the contract that relate to financial supplement paid by the corporation to the student at any time after the beginning of the contract period and before the end of the period of 4 weeks referred to in paragraph 12T(2)(b) are assigned to the Commonwealth, by force of this paragraph, at the time when the notice was given to the corporation; and
(b) the Commonwealth is liable to pay to the corporation in respect of those rights the amount worked out in relation to the contract, as at the end of that period of 4 weeks, using the formula:
|principal sum - (actual repayments + notional repayments);|
(c) no amount is taken to be outstanding under the contract after the notice is given but the student is liable to pay to the Commonwealth the amount worked out in relation to the contract, as at the end of that period of 4 weeks, using the formula:
|principal sum - actual repayments + interest subsidy.|
In the formula in paragraph (2)(c):
means the part of the total subsidy paid by the Commonwealth to the corporation in respect of the financial supplement paid to the student under the contract that was paid in lieu of interest on the principal sum.
Nothing in this section affects the operation of section 12T .
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