Families across Victoria are set to receive a one-time payment of $400 to help manage the financial challenges posed by rising living costs, particularly in relation to education. This initiative, called the School Saving Bonus, aims to assist parents with the expenses involved in preparing their children for the 2025 school year.
The funding will help cover costs such as textbooks, school uniforms, excursions, and other school-related activities. With around 700,000 families benefiting from this program, a total of $280 million has been allocated to support these educational expenses.
Details of the $400 Cost-of-Living Cash Boost
The School Saving Bonus provides a $400 payment per eligible child. This initiative has been designed to alleviate the burden of school-related costs for families, ensuring that students have everything they need to start the year prepared. Key details of the program include:
- Amount: $400 per child
- Total Fund: $280 million allocated for the initiative
- Eligibility: Families with children attending Victorian government schools from Prep to Year 12, excluding full-fee international students, home-schooled students, and TAFE students
- Special Criteria: Families with children attending non-government schools can qualify if they are recipients of the Camps, Sports, and Excursions Fund (CSEF)
- Payment Method: Payments will be made automatically, and eligible families will receive an email with details of the payment
- Voucher Validity: The vouchers can be used until June 30, 2025, with unspent funds transferred to the school’s account for future activities
Who is Eligible for the $400 Bonus?
The School Saving Bonus is aimed at families with children enrolled in Victorian government schools. However, there are some exclusions and additional eligibility requirements for certain groups:
- Not Eligible: Full-fee international students, home-schooled students, and TAFE students
- Non-Government School Eligibility: Families with children at non-government schools are eligible if they receive the Camps, Sports, and Excursions Fund (CSEF)
How Families Can Use the $400 Payment
The $400 payment provides flexibility for families, allowing them to allocate the funds to various school-related expenses. Some of the ways the money can be used include:
- Uniforms and Textbooks: The payment can be spent on vouchers for uniforms and textbooks at school-approved suppliers or school-operated second-hand stores
- School Activities: The bonus can also cover costs for school activities, such as camps, excursions, and extracurricular programs. Funds designated for these activities will be credited directly to the school’s account
If any funds remain unspent by the end of the school year, the remaining balance will be automatically transferred to the school account for future use.
No Need to Apply
The School Saving Bonus is an automatic initiative, meaning families do not need to go through an application process. Eligible families will receive an email from the Department of Education detailing the payment process. This streamlined approach ensures that families can focus on preparing for the school year without additional paperwork.
A Boost for Families During Tough Times
In the face of rising living costs, many families are struggling with the increased financial burden of education. Premier Jacinta Allan emphasized that this initiative is designed to give families better access to high-quality education and the necessary resources such as uniforms, textbooks, and extracurricular activities.
Education Minister Ben Carroll also highlighted the significance of the School Saving Bonus, explaining that no parent should have to worry about whether their child can participate in essential school activities due to financial constraints. This initiative is a key part of the government’s broader commitment to supporting families and ensuring all children have the resources they need to succeed in their education.
How to Receive the $400
Eligible families can expect to receive an email detailing how to access the $400 per child. Since this is an automatic payment, families can begin budgeting for the upcoming school year right away. If a family has more than one eligible child, the payment will be multiplied accordingly. For instance, a family with three children will receive a total of $1,200.
