Victorian parents will receive a $400 payment to cover state school costs through the School Saving Bonus which is set to benefit more than 700,000 students.

The Victorian Government’s 2024/25 budget will deliver the $287 million package which will offer a one-off payment for children at public schools and concession card holders at other schools.

Payments will be delivered through schools as credit and can be put towards educational expenses such as, uniforms, camps, excursions, outdoor education, swimming or sport programs.

The money is intended to reduce cost-of-living pressures but cannot be used to cover school fees or household expenses. Victorian Premier Jacinta Allen said this year’s budget will be aimed at helping Victorian families, particularly when it comes to education costs.

“We won’t let any child miss out on the things that make Victorian education great, so we’re giving families the flexibility to use the School Saving Bonus on the things they need,” she said.

The bonus will be handed out in term four to allow families to budget for the 2025 school year with more information for parents to come in term three.

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