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Finding the right payment option for your studies can be confusing. We’ve put together everything you need to know about HECS-HELP and FEE-HELP to help you make sense of it all.
Jun 09,2010
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.
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.
You must:
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 2020-21Â is $46,620.
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 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.
You must:
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 2020-21Â is $46,620.
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.
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% |
$57,056Â – $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% |