Everything you need to know about paying off your uni debt

In Australia, we are lucky enough to have student loan programs to cater to the broad demographic of people who want to progress their careers or knowledge through tertiary studies.

What is a HECS-HELP Loan?
The HECS-HELP loan is a scheme to help students attend university through a loan system, which they are to repay once their income reaches the threshold for repayment.

How much do I owe?
You can view your HELP debt, confirm payment reference number and view payment options via the myGov website.

When do I have to repay my loan?
The compulsory repayment threshold can apply even while studying. The mandatory threshold changes every year. In 2018-2019 the threshold is $51,957, while in 2019-2020 financial year the income threshold is $45,881.

How much will repayments be?
Repayments are a particular percentage based on your current income. The rates vary from 4 to 8 per cent.

Can I make non-compulsory payments?
On top of your required annual contribution, you may make non-compulsory payments to the ATO if you want to carry student debt around for a shorter period.

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