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Understanding HECS-HELP

HECS-HELP is designed to help students at university who don’t have the money upfront to pay the fees, by allowing them to study for a degree and deferring payment until they are earning money in the workforce. 

1. Pay fees upfront

  • If you have some money saved or your parents are helping you out, pay your fees upfront and get a discount

2. Make a partial payment

  • Make a part payment of more than $500 and get a discount
  • The more you can afford upfront, the bigger the discount and reduction on the debt you carry

3. Defer the entire payment until you’re working

  • This option can put a degree within reach that would have been difficult to manage otherwise
  • You don’t have to repay the debt until you start working and there’s no interest charged on your HECS-HELP loan

  • You start repaying your HECS-HELP debt once your repayment income is above the compulsory payment threshold, even if you are still studying
  • The threshold is adjusted each year – check out the Study Assist website to find out the most current years threshold
  • No interest is charged on your HECS-HELP loan, although it does increase in line with the CPI each year

You need to:

  • Youth Allowance is for full-time students and apprentices who are 16-24
  • Austudy is for full-time students and apprentices who are 25 or more

You need to:

  • Be an Australian resident
  • Study at TAFE or university full-time
  • Satisfy income and asset tests
  • Find out if you’re entitled to these payments and how to maximise your income without losing benefits 
Student on his phone

 Enjoy exclusive discounts on a range of banking products with Student Options.

 Try our student budget calculator to see where your money goes and how much you could save.

 See if you’re eligible for Government support when you’re studying.

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