Get HELP: Government financial assistance
Posted March 17, 2015, by Career FAQs team
Paying for study with a HELP loan scheme is a great way to make education affordable. But who actually qualifies for HECS-HELP or FEE-HELP? And, when do you have to start paying back your loan? We’ve put a spotlight on the government’s Higher Education Loan Program (HELP) to help you find the right financial assistance option for you.
HECS-HELP
What is HECS-HELP?
The HECS-HELP scheme provides you with access to a loan to help you pay your student contribution amount, with the added incentive of a discount for upfront payment of your tuition fees.
Am I eligible?
You must:
- Be studying in a subsidised enrolment at university – known as a Commonwealth Supported Place.
- Be an Australian citizen or permanent humanitarian visa holder.
- Enrol with an approved provider, by the census date.
When do I starting paying back my loan?
You’ll start repaying your HELP debt once your taxable income reaches the compulsory repayment threshold. This threshold is adjusted every year.
The threshold for 2019-20 is $45,881.
Is there anything else I need to know?
HECS-HELP debts don’t incur interest, but are indexed annually in line with the Consumer Price Index (CPI).
The indexation rate for 2019 is 1.5% (reviewed and updated annually in March)
To get started with your HECS-HELP application, or for more information, you can head to the StudyAssist website.
Browse through our range of online courses that are covered by HECS-HELP.
FEE-HELP
What is FEE-HELP?
FEE-HELP is a loan scheme to help students pay all, or part, of their tuition fees. You can only access FEE-HELP if you’re planning to study at a university or other private higher education institution that has been approved to offer FEE-HELP to eligible students.
Am I eligible?
You must:
- Be enrolled in an eligible unit of study, offered by an approved FEE-HELP provider, by the census date; AND
- Be an Australian citizen undertaking one unit of study in Australia; OR
- Be a permanent humanitarian visa holder, residing in Australia for the duration of your unit; OR
- Be a permanent visa holder undertaking bridging study for overseas-trained professionals, and residing in Australia for the duration of study.
When do I starting paying back
You’ll start repaying your HELP debt once your taxable income reaches the compulsory repayment threshold. This threshold is adjusted every year.
The threshold for 2019-20 is $45,881.
How much can I borrow?
In2019 you can borrow up to $104,440 under the FEE-HELP scheme. For students studying medicine, dentistry and veterinary science courses, the FEE-HELP limit is $150,000.
Is there anything else I need to know?
There is a 25% FEE-HELP loan fee applied to undergraduate courses. This does not count towards your FEE-HELP limit and is calculated for each individual unit you undertake.
HECS-HELP debts don’t incur interest but are indexed annually in line with the Consumer Price Index (CPI).
The indexation rate for 2019 is 1.5% (reviewed and updated annually in March)
To start your FEE-HELP application, or for more information, head to the Study Assist website.
Browse through our range of onlines ocurses that are covered by FEE-HELP.
| 2019-2020 Repayment rates | |
|---|---|
| 2019-2020 Repayment rates | Repayment % rate |
| Below $45,881 | NIL |
| $45,881 – $52,973 | 1.0% |
| $52,974 – $56,151 | 2.0% |
| $56,152 – $59,521 | 2.5% |
| $59,522 – $63,092 | 3.0% |
| $63,093 – $66,877 | 3.5% |
| $66,878 – $70,890 | 4.0% |
| $70,891 – $75,144 | 4.5% |
| $75,145 – $79,652 | 5.0% |
| $79,653 – $84,432 | 5.5% |
| $84,433 – $89,498 | 6.0% |
| $89,499 – $94,868 | 6.5% |
| $94,869 – $100,560 | 7.0% |
| $100,561 – $106,593 | 7.5% |
| $106,594 – $112,989 | 8.0% |
| $112,990 – $119,769 | 8.5% |
| $119,770 – $126,955 | 9.0% |
| $126,956 – $134,572 | 9.5% |
| $126,956 – $134,572 | 10% |
Career FAQs team
