Part 1: Revenue Measures (Continued)
Education, Employment and Workplace Relations
Education Services for Overseas Students Assurance Fund — loan
| 2009‑10 | 2010‑11 | 2011‑12 | 2012‑13 | 2013‑14 | |
|---|---|---|---|---|---|
| Department of Education, Employment and Workplace Relations | - | - | - | - | - |
| Related expense ($m) | |||||
| Department of Education, Employment and Workplace Relations | - | - | - | - | - |
The Government will provide the Education Services for Overseas Students (ESOS) Assurance Fund with a concessional loan of up to $5.1 million in 2009‑10 if required. This would assist the ESOS Assurance Fund to meet its obligations to international students studying in Australia. The loan would, if required, be repaid under an agreement between Department of Education, Employment and Workplace Relations and the Fund manager.
The ESOS Assurance Fund provides international students with a refund of course fees where their education provider cannot deliver the course and a suitable alternative course cannot be found. The loan would help ensure the ESOS Assurance Fund is able to respond in the short term to recent and any prospective closures of international education providers, which place pressure on the Fund's reserves. Further assistance to the ESOS Assurance Fund will be considered if required.
Further information can be found in the press release of 22 February 2010 issued by the Minister for Education, Employment and Workplace Relations.
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