“That ICPA (Aust) requests the Federal Government to change the eligibility criteria for independent Youth Allowance, so that those rural and remote students who choose to save or invest their earnings during the working period prior to attending University are not disadvantaged by the Liquid Assets criteria.”
Students who choose to save their earnings during their gap year should not be disadvantaged due to the Liquid Asset Waiting Period. Many students work hard to save their earnings but instead must use their savings to support themselves and pay rent while attending university until the Liquid Asset Waiting period is fulfilled.
The Liquid Asset Waiting Period applies if the applicant has more than $5500 in liquid assets prior to application for Youth Allowance and means waiting a number of weeks based on the amount of liquid assets. It tapers from $5500 to $11,500 meaning there may be a maximum 13 week waiting period before Youth Allowance payments begin.
Fellow students who earn the amount required to be considered eligible for independent Youth Allowance but spend everything they earn, are eligible for the allowance straight away but those who have saved and have money in the bank are not eligible for the allowance until after the required waiting period, and therefore not eligible for Rent Assistance either until payments begin.
