Everything you need to know about paying off your uni debt

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.

Categories

If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.


Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.


+ There are no comments

Add yours