Get HELP: Government financial assistance
Posted June 9, 2010, 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 2020-21 is $46,620.
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 is currently 1.8% (indexation is added to your debt on 1 June each year)
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 2020-21 is $46,620.
How much can I borrow?
In 2020 you can borrow up to $106,319 under the FEE-HELP scheme. For students studying medicine, dentistry and veterinary science courses, the FEE-HELP limit is$152,700.
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 is currently 1.8% (indexation is added to your debt on 1 June each year).
To start your FEE-HELP application, or for more information, head to the Study Assist website.
Browse through our range of online courses that are covered by FEE-HELP.
| 2020-2021 Repayment rates | |
|---|---|
| Repayment rates | Repayment % rate |
| Below $46,620 | NIL |
| $46,620 – $53,826 | 1.0% |
| $53,827 – $57,055 | 2.0% |
| $57,056 – $60,479 | 2.5% |
| $60,480 – $64,108 | 3.0% |
| $64,109 – $67,954 | 3.5% |
| $67,955 – $72,031 | 4.0% |
| $72,032 – $76,354 | 4.5% |
| $76,355 – $80,935 | 5.0% |
| $80,936 – $85,792 | 5.5% |
| $85,793 – $90,939 | 6.0% |
| $90,940 – $96,396 | 6.5% |
| $96,397 – $102,179 | 7.0% |
| $102,180 – $108,309 | 7.5% |
| $108,310 – $114,707 | 8.0% |
| $114,708 – $121,698 | 8.5% |
| $121,699 – $128,999 | 9.0% |
| $129,000 – $136,739 | 9.5% |
| $136,740 and above | 10% |
Career FAQs team
