What you need to know about your scholarship?
Scholarships held by students at The University of Sydney can vary dramatically in:
- their value (ie how much you will be paid)
- when they are paid (ie a one off payment, once per semester, or regular instalments)
- requirements (for award of the scholarship)
- requirements to keep the scholarship (whether you need to receive a consistent level in your grades, or enrol in certain classes, or be in receipt of a Centrelink payment)
- and more.
You need to be aware of what your scholarship is, and what your obligations are throughout your scholarship award. Here are four things you should always keep in mind:
- When will you receive payments?
You should be aware of when you should receive payments and contact the Scholarships and Financial Support Service (or the area which awarded the scholarship) to find this out. Many of our scholarships are paid in the first few weeks after the semester census date.
- How will you receive payment?
You need to supply your bank account details to the Scholarships and Financial Support Service when you receive a scholarship. If you change your bank account, and expect to receive more payments you should notify our office straight away.
- What are your obligations?
Do you have obligations with the scholarships - maintaining grades, enrolling in courses, being in receipt of a Centrelink payment, working at the organisation offering the scholarship? Different awards have different requirements and it is your responsibility to be aware of these to make sure you continue to receive payments, and that you do not need to pay the money back.
- Do you need to declare this income?
Both Centrelink and the Australian Tax Office will hold recipients accountable if they do not follow the rules- even if you were not aware that you had to declare your scholarship as income for tax or Centrelink purposes. If you are not sure speak with the relevant organisation and make sure you are covered.
It is important to always read the information and updates available on this, or the scholarship organisations website, and contact staff straight away with any other questions or concerns you may have.