Student Assistance Act 1973

A student who is a party to a financial supplement contract with a participating corporation may, by written notice to the corporation lodged at any office of the corporation, tell the corporation that he or she does not require any further payments under the contract after a day stated in the notice.

If notice is so given to the corporation:

as from the end of the day stated in the notice, the corporation is discharged from liability to make further payments to the student under the contract; but

if, despite paragraph (a), the corporation makes any payments to the student after that day, any amounts so paid after that day or the end of 4 weeks after the notice was given to the corporation, whichever is the later:

are taken not to be payments of financial supplement made under the contract; and

are repayable by the student to the corporation; and

may be recovered by the corporation as a debt due to it by the student.