Universities Accord (Cutting Student Debt by 20 Per Cent) Act 2025 (30 of 2025)

Schedule 1   Debt reduction

Part 1   Amendments

Student Assistance Act 1973

61   After section 9C

Insert:

9CA Reduction in ABSTUDY SSL debts incurred before 1 January 2025

(1) For the purposes of working out a person's former accumulated ABSTUDY SSL debt in relation to the person's accumulated ABSTUDY SSL debt for the financial year starting on 1 July 2024, section 9B has effect as if the method statement in subsection (1) of that section included the following step after step 6:

Step 7. Reduce the amount worked out under step 6 by 20%.

(2) For the purposes of working out a person's accumulated ABSTUDY SSL debt for the financial year starting on 1 July 2024, section 9C has effect as if the formula in subsection (1) of that section were omitted and substituted with the following: