Changes to payments from 1 April 2024
12 March 2024.
On 1 April 2024 student support rates will increase due to the Annual General Adjustment. Income and asset limits for some support will also go up, which means more people can get support from us.
What's changing
On 1 April student support rates will increase, including Student Allowance and Student Loan Living Costs.
You can find the new rates on the Work and Income website:
More people can get support
Income and asset limits for some financial supports will also go up. This means more people could get things like:
- Accommodation Benefit
- childcare assistance
- Disability Allowance
- help with urgent and unexpected costs, and
- Community Services Card.
When you'll get the increase
This year 1 April is a Monday. Your payment in the week of 1 April will be paid at the old rate. This is because we pay you for the week that's just been.
You'll get the full increase in your payment in the week of 8 April.
1 April is also Easter Monday. If your normal pay day is Tuesday 2 April, your payment will be processed early. This means it may be paid into your bank account from Friday 29 March. Processing times may vary depending on which bank you're with.
You can view your new payment rates in MyStudyLink from 1 April 2024.
About the increase
The Annual General Adjustment happens every year on 1 April. On this day some financial supports are adjusted to account for the cost of living (inflation) or average wage growth.
The new rates are based on either the:
- Consumer Price Index (4.66% rise), or
- net average wage (5.28% rise).
The changes will happen automatically
Changes to Student Allowance payments will happen automatically, you don't need to do anything. If you've requested for your Student Loan to be adjusted automatically each year, you don't need to do anything either.
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