Repayment of Student Financial Supplement Scheme (SFSS) loans 102-15010000
Expand allThe Student Financial Supplement Scheme (SFSS) closed from 1 January 2004. Since December 2005 all outstanding Financial Supplement Loans (FSL) have been transferred to the Australian Taxation Office (ATO) for recovery.
This document outlines information relating to the repayment of a Financial Supplement loan (FSL) obtained through the Student Financial Supplement Scheme (SFSS).
SFSS loan scheme
The SFSS was a voluntary loan scheme which gave eligible tertiary students the option of borrowing money to help cover their expenses while they studied.
The term 'Student Financial Supplement Scheme (SFSS)' referred to the program name of the Scheme. 'Financial Supplement loan (FSL)' was the product of the Scheme. In other words, students applied for the product FSL and received this through the program SFSS.
Administration of the SFSS loan
The funds for the FSL were provided by the Commonwealth Bank of Australia (CBA). When the student applied for FSL, the student entered into a loan contract with the CBA for a contract period. All loans were administered by Centrelink (now Services Australia) until the end of the contract period. At the end of the contract period, the outstanding loan was transferred to the Australian Taxation Office (ATO). The loan then became a debt to the Commonwealth and is repayable through the taxation system.
Contents
Repayment of Financial Supplement loan (FSL) after transfer to the Australian Taxation Office (ATO)
Dealing with disputed Financial Supplement loan (FSL) repayments
Excess repayment of Financial Supplement loan (FSL)
Reissuing annual Financial Supplement loan (FSL) statements
Accessing details of Financial Supplement loans (FSLs)